Hong Kong government rescue property market
A few months ago, the Financial Secretary, Chen Maobo, said: If it is determined that there is a downturn in the property market, it will consider making appropriate adjustments and it is still necessary to observe.
Earlier, the Chief Executive, Mrs Lam, said that some people saw the property price down as negative, but she thought it was positive and quoted the data from the Department of Estimation. The property price fell 3.7% in August from the beginning of August this year. The extent is still far from offsetting the increase since the beginning of 2018, let alone comparing the increase since she took office. If someone laughs that the government will make a move to save the city, it can be “satisfied.”
When the Chief Executive of the HKMA, Mr Chan Tak-lin, met with the media last week, the price index of the Rating and Valuation Department fell by 3.7% from the high level in July. He believed that the decline was fine and it was necessary to observe the development of the property market in the future. However, he pointed out that it is difficult to predict in advance the trend of the property market in Hong Kong. As Hong Kong’s property prices have also fallen by more than 10% in the past, the decline has only lasted for six months. Therefore, it will be revised to consider the various factors, including economic data. , macro-monetary policy, property market trading volume and market sentiment, and to confirm whether the property market is only a short-term adjustment, or to enter a long-term down cycle.
Decision-making officials speak, don’t save the city
It can be said that the three decision-making officials in charge of the Hong Kong property market have issued speeches and concluded that they will not adjust any demand management measures. Looking back on the history of Hong Kong’s housing in the past, the number of moves to curb the property market, the move or the reduction of incentives to save the property market is very rare, the market has the most memory, it should be more than ten years ago, Sun Jiu rescued the property market.
The Hong Kong government rescues the property market. It is absolutely necessary to “disaster-level” numbers to check the information. In October 1997, the private property price index reached a historical high of 172.9 points, and then continued to fall. The Hong Kong government faced the social pressure of the property market. It was not until July 2000 that the property market was regulated by exporting. When the Chief Executive Tung Chee-hwa was interviewed, he was asked if the 850,000 Housing Project had a great impact on Hong Kong. When it was revised, the response was “from 1998.” Since then, there has been no mention, that is, the system has existed.” It has been mentioned for a long time without mentioning 85,000, which can be regarded as the remarks of the rescue of the property market. At that time, the property price index was 86.6 points, and the higher position had fallen by 50%.
In the same year, Sun Jiu’s “disaster-level” party shot
However, until the actual recruitment, supply reduction, etc. until November 2002, Sun Mingyang, who was in charge of Fang Ce, proposed to rescue the property market (see attached table) and rescue the property market directly from the supply angle. The property price index in November was 65.1 points. , a 62% drop from the 1997 high.
In addition to the fall in property prices, Tang Rong believed that the SAR Government had a number of considerations and had to rescue the property market. I believe that one of the main points is the high unemployment rate. Looking for information, the unemployment rate continued to rise during 2002. It was pushed up by 7% from the high level of 7%. This is a rare high unemployment rate in Hong Kong and a loss of social job title. Causes strong anxiety and instability. Another decline in property prices also triggered a large number of negative assets. In 2002, it reached approximately 80,000 negative assets (the final high exceeded 100,000 in 2003). The supply of supply, death, and the emergence of the silver mains, the social negative energy was fully opened.
It can be said that it is only down 3.7% in October. Compared with the adjustment of “pediatrics” in the past, it is zero-negative assets, ultra-low unemployment rate, and all aspects of the social economy. There is no pressure to save the market.