No Need To Lift Housing Market Cooling Measures: Govt

Housing Secretary Winnie Ho on Wednesday said the government does not see any need to lift property market cooling measures, adding that doing so in haste could lead to short-term speculation.

At a Legco meeting, real estate sector legislator Louis Loong asked the minister whether measures like the special stamp duty should still be in place now that Hong Kong's economic situation is very different from what it was in the past.

In response, Ho said the measures have made it easier for Hong Kong residents to buy homes, saying the number of flats purchased by non-locals and resale transactions from January to November last year were minimal.

She described changes in the property market as "orderly adjustments", adding that lifting the curbs at the wrong time could lead to speculation.

"We noticed the transaction figure [last] year had dropped. But we all know there are headwinds in the overall economic situation... We are aware of the global economic situation and several interest rate hikes, which might continue into the future," she said.

"But there are also positive factors. With the reopening of the boundary and the economic situation coming back alive, people will pay close attention to the results the combination of these factors would generate. If we hastily remove these demand-side management measures now, I think we have to tread carefully."

The official said authorities are keeping a close eye on the housing market and will consider the economic outlook before changing the control measures.