Scrap Hong Kong’s ‘outdated’ property cooling measures and refrain from introducing new taxes, pro-business groups urge finance chief Paul Chan
- Political figures step up calls to scrap property market measures so as to boost economy and ease residents’ anxiety
- Financial Secretary Paul Chan is gathering views ahead of budget address next month, in which he is expected to target widening deficit
Pro-business parties and politicians have urged the Hong Kong government to scrap all property cooling measures and refrain from introducing any new taxes in their recommendations to the finance chief ahead of his budget address next month.
Lo Man-tuen, a former vice-chairman of the All-China Federation of Returned Overseas Chinese, on Monday said dropping the “outdated” measures would boost the economy and ease residents’ anxiety, noting the recent poor performance of both the property and stock markets.
“There is no need for the government to adhere to outdated measures, and it should swiftly abolish any remaining stamp duties on real estate transactions,” he wrote in a newspaper commentary.
“Ditching all cooling measures does not involve providing any preferential policies or even government subsidies for property purchases. It is not a form of market manipulation.”
The Post has contacted Lo for further comment.