Official Downplays Possibility Of New Cash Handout

The secretary for financial services and the treasury has downplayed the possibility of further cash handouts – saying the government needs to keep its expenditure within the limits of its revenue.

The government is expecting a HK$290 billion deficit for the current year, after rolling out multiple anti-epidemic measures.

Speaking on an RTHK programme on Saturday, Christopher Hui said the government needs to spend its money very carefully and stressed targetted help should be offered to industries badly hit by the Covid-19 pandemic, such as the tourism and retail sectors.

The minister added that the administration is considering suspending a plan to introduce a vacancy tax on new housing stock.

The move to squash the tax would be a relief for property developers, who would have been subject to a hefty tax and jail time if they failed to sell new apartments.

But Hui brushed aside suggestions that the administration had sided with developers, saying decisions are being made with the interest of the entire Hong Kong society in mind.