New measures to protect locals in property market

Residents have first priority in buying property.

The government will ensure the property market is user-driven, and give Hong Kong residents priority in buying properties through new demand-management measures, said Secretary for Financial Services & the Treasury Prof KC Chan.

Prof Chan said the first round of the special stamp duty achieved its objective as property speculators have all but disappeared. The government has implemented new measures to curb a renewed property bubble fueled by offshore money that has pushed property prices up by 20% in the past nine months.

He expects the new measures will cause the number of property transactions to drop, and that market demand and supply will adjust accordingly. The government will monitor these events closely, said Prof Chan,

He added people should be aware that there will be more property supply in future, and the government will launch measures whenever the market warrants them. He urged people to have confidence in government housing policies.

When deciding whether to buy properties, people should consider their own financial situation, affordability and risk.