Hong Kong housing: John Lee vows not to ‘target’ property prices, acknowledges conflicting interests of current, potential homeowners
- Chief Executive John Lee says authorities will monitor property market closely and consider adjusting cooling measures
- ‘People who haven’t bought a home are certainly hoping prices will fall, but those who already own property, on the other hand, are hoping prices will stay put,’ he says
Hong Kong’s leader has promised not to “target” property prices, acknowledging the conflicting interests of prospective and existing homeowners, while pledging to provide clear information on future land supply to ensure buyers and sellers can make informed decisions.
Chief Executive John Lee Ka-chiu said the government would monitor the property market and consider further adjustments to cooling measures based on conditions. In his policy address this week, he announced that some property taxes would be eased for the first time in more than a decade.
Lee on Saturday said he aimed to promote “healthy developments” in the market and avoid major price fluctuations. However, the government would not take action to “target” prices because of the different interests of prospective and existing homeowners.
“People who haven’t bought a home are certainly hoping prices will fall, but those who already own property, on the other hand, are hoping prices will stay put because it will bring about a wealth effect,” he told a radio show.
“Therefore, the government’s role is not to control property prices, but to ensure that [future home] supply can meet market demand and that the information is clear enough to help residents when buying homes”.
Lee relaxed some property curbs in his address on Wednesday, halving the buyers’ stamp duty for non-permanent residents and stamp duty for city homeowners who buy more homes.