visimoney
TLDR:
- Finance chief Paul Chan has removed all property curbs to boost the struggling market.
- Other measures include reviewing listing requirements, reducing taxes, and boosting tourism.
Hong Kong’s finance chief, Paul Chan Mo-po, has announced the removal of all restrictions on property transactions in a bid to stimulate the sluggish economy and address shrinking fiscal reserves. This comes as part of the budget blueprint themed “Advance with Confidence. Seize Opportunities. Strive for High-quality Development.” The scrapping of decade-old cooling measures aimed at curbing speculation aims to revive the struggling property market, which has seen a consistent decline in prices. The budget also includes measures to energize tourism and reduce taxes on salaries and profits to ease the financial burden on the public and small and medium-sized enterprises. However, the deficit is projected to reach HK$101.6 billion, potentially leading to a decade-low in the city’s fiscal reserves.
