Though measures that would affect the luxury property market announced in Chief Executive Donald Tsang Yam-kuen's policy address were limited, the government's take on property is something we cannot ignore.
Financial Secretary John Tsang Chun-wah has stressed to legislators that the government wants to reduce the risk of a bubble in four main ways. First, it is increasing the supply to ensure about 40,000 units (private and public) are available every year. Secondly, it has successfully curbed speculation with punishing stamp duty. Thirdly, legislation for tackling misleading sales information will be completed next year. Finally, the risk management measure of reducing the mortgage ratio has already pushed down the average for new properties to 53 per cent from 64 per cent a year ago. These measures, Tsang says, are designed to ensure the healthy development of the property market. Judging from the stabilising market, the impact is being absorbed.
It is against this backdrop that LuxeHomes has arrived at its first anniversary. We would like to thank you for your support, and we have a story in this issue to take you through our first year.