Hong Kong property players hope authorities lift cooling measures in upcoming budget

Hong Kong’s property market, hindered by long-standing cooling measures, anticipates potential relief from these restrictions in the upcoming budget speech by Finance Chief Paul Chan. Despite efforts to stimulate the market, including halving the buyers’ stamp duty and waiving duties for certain resales, the property sector has seen a significant downturn, with transactions at a 33-year low and prices dropping to a record low since February 2017. The luxury market, in particular, has experienced a sharp decline in prices. Calls for the complete removal of property curbs have intensified, aiming to rejuvenate the market without inflating home prices further. High interest rates, paralleling US Federal Reserve policies, and a slowdown in demand from mainland China have also contrib uted to the market’s challenges.