Happy to see the orderly adjustment of the property market Chen Maobo: no plan to reduce the spicy
The property market in Hong Kong has been relegated since the second half of 2018. Some industry participants expect the Hong Kong government to relax the property market regulation measures. At the Asian Financial Forum yesterday, the Financial Secretary, Chen Maobo, responded that there is no plan to “reduce the hot".
Chen Maobo told the media yesterday that the Hong Kong government is happy to see an orderly adjustment in the real estate market in Hong Kong. However, it is not necessary to take any measures to support the property market at the moment. Nor will it adopt any plan to “reduce the hot". He mentioned that mortgage insurance, which was needed to improve the first-time home purchase of small and medium-sized units two weeks ago, responded to social demands. The government only listed the issues that need to be considered, and did not introduce any specific measures and related timetables.
Judging from the global economic performance, Chen Maobo believes that the current global economic situation is not stable. It is expected that Hong Kong’s economic growth this year will slow down compared with last year. One of the main reasons is the risks and challenges brought about by Sino-US trade frictions. It may not be possible to sign a trade agreement to resolve the trade war itself and its impact on the financial market, or it will bring many challenges to Hong Kong’s economic development. He stressed that the authorities have prepared and reminded all parties to be prepared.
Liu Yixiang: It’s still early to reduce the hot words.
At the forum, the Secretary for Financial Services and the Treasury, Mr Lau Yi-yiu, also responded to the property market. He analyzed that from the recent real estate situation in Hong Kong, the price of second-hand flats has only been lowered by 8% to 9% from the peak. It is too early to talk about the issue of “reducing the spicy" and adjusting the number of mortgages.
Liu Yixiang believes that the current government and the HKMA have launched counter-cyclical measures against the property market, which can help the rise in property prices and have a certain stabilizing effect on the property market. He further explained that the Hong Kong Government will pay more attention to the property market and pay attention to factors such as property price movements and housing supply. However, there is no plan for “supplement".
In addition, in the analysis of Hong Kong’s economic situation and trend, Liu Yixiang said that the Hong Kong Government expects Hong Kong’s annual economic growth to be about 3.2% in 2018. Hong Kong can enhance its economic performance through the development opportunities of Guangdong, Hong Kong and Macau’s Greater Bay Area. The outlook is stable.