Source:https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3249390/scrap-hong-kongs-outdated-property-cooling-measures-and-refrain-introducing-new-taxes-pro-business
Hong KongHong Kong Economy

Scrap Hong Kong’s ‘outdated’ property cooling measures and refrain from introducing new taxes, pro-business groups urge finance chief Paul Chan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

Willa Wu
Residential property advertisements at a real estate agency. The scrapping of various stamp duties has been proposed to stimulate the market. Photo: Yik Yeung-man

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Man-tuen, a former vice-chairman of the All-China Federation of Returned Overseas Chinese, on Monday said dropping the “outdated” measures would boost the economy and ease residents’ anxiety, noting the recent poor performance of both the property and stock markets.

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