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Paul Chan: Cautious Policy Adjustment Needed to Avoid Property Mkt Turmoil due to Minor Tweaks
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Financial Secretary Paul Chan is keeping a close tab on the real estate market development, along with monitoring data on land supply and home supply, as he emphasized during a radio broadcast program. The policy objective is to ensure a stable and healthy development of the residential property market, he noted, saying that the supply of both private residential and public housing is steadily increasing. When asked why the property stamp duty was not relaxed for properties valued at HKD6 million or below, Chan explained that after last year's relaxation of the stamp duty threshold to properties valued at HKD4 million or below, the transaction volume increased quite a lot, and some property prices rose to nearly HKD4 million. Therefore, policies need to be adjusted cautiously to avoid sharp market fluctuations or upsurge due to minor policy adjustments. AASTOCKS Financial News Website: www.aastocks.com |
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