Hong Kong government asserts property cooling measures were effective

Only 1% of purchased properties were by nong-Hong Kong residents.

Financial Secretary Paul Chan revealed that a measly 1% of property purchases were made by non-Hong Kong residents since the government implemented property cooling measures. Headded that property prices will be affected by US interest rate rises and future increase in housing supply.

"Before the 15% stamp duty was introduced in November, 30% of property transactions were made by Hong Kong people buying a second property to earn rental or for other purposes. Now the figure dropped to below 10%. We will continue monitoring the situation," he said.

On the city’s plan to join the Asian Infrastructure Investment Bank, Chan said it will bring new opportunities to various professional sectors, and urged lawmakers to approve funding for the deposit of the first instalment of capital subscription with the bank.