Property market no longer in 'overheated state': CE Leung

Housing measures have been effective.

According to a release, Chief Executive CY Leung says measures introduced earlier to manage property demand have been effective in stablising property prices.

Briefing reporters before an Executive Council meeting, Mr Leung said the property market is no longer in an overheated state, and demand from oversea buyers has dropped to a low level since measures such as special stamp duties were implemented.

He said the market had accepted the 'Hong Kong land for Hong Kong people' arrangement, a pilot scheme involving two land parcels in the Kai Tak development area. They were sold to a developer to build about 1,100 residential flats with the proviso that they be sold only to local permanent residents for 30 years.

It has proved to be a feasible policy, he said, and could be applied to future land sales within a short time if necessary.

He said the Government will continue to monitor market development and tackle the housing problem.