Hong Kong will ease some of its property-cooling measures if home prices extend their decline amid Europe’s worsening credit crisis and a global economic slowdown, the city’s financial secretary said.
Hong Kong Chief Executive-elect Leung Chun-ying retained John Tsang as financial secretary in his government, which takes office on July 1, as he seeks to ensure a stable transition amid global economic uncertainty.
Hong Kong Financial Secretary John Tsang said he’s boosting land supply as part of a policy to reassure people that the housing market can grow in a more “healthy” way.
Hong Kong may increase sales taxes on some properties and accelerate government land auctions to prevent a bubble in a real estate market where prices surged 29 percent last year.
"Street protests and clashes coming to an end does not mean the people have reconciled after the split, nor has the political reform outlook become brighter."
- John Tsang on Dec 13, 2014