Chan Mau-po: Policies need to be adjusted cautiously to avoid significant fluctuations in the property market due to minor adjustments

The Secretary for Financial Services and the Treasury, Chan Mo-po, emphasized during a radio joint broadcast program that close attention is being paid to the development of the property market, as well as monitoring data on land supply and unit supply. The policy goal is to ensure the stable and healthy development of the residential property market. He noted that the supply of both private residential units and public housing is currently increasing steadily.

He mentioned that the new budget does not focus much on the property market, mainly because the market is in a state of stable and healthy development.

When asked why the proposal to relax the property stamp duty for properties priced at HKD 6 million or below was not adopted, Chan Mo-po explained that after the threshold for property stamp duty was relaxed to properties priced at HKD 4 million or below last year, the transaction volume related to such properties increased significantly, which also caused some property prices to rise to nearly HKD 4 million. Therefore, it is necessary to carefully adjust policies to avoid significant fluctuations or sharp increases in the property market due to minor policy adjustments