Updates on property anti-speculation measures soon

The government will soon announce updates on the speculation-discouraging measures concerning real properties, Secretary for Economy and Finance Lei Wai Nong has told a parliamentary plenary.

The senior official made the disclosure while responding to lawmaker Becky Song.

Chief Executive Ho Iat Seng had earlier pledged that when new measures in the area become available, they will be submitted for parliamentary scrutiny. The head of the government also said research on such measures had been ongoing since last year.

Citing next year’s Public Budget Bill, Song said the government had no plan for land auctions next year. She also did not expect the real property market to be very lively next year, due to high interest rates that have been discouraging purchases.

She said similar measures in nearby regions had been adjusted to revive the investment market. She added that the real property market is synergized with the architecture and financial markets, among other industries. With some residents needing to buy new properties but being discouraged by the measures, she asked the official for comment.

Lei replied that the government had implemented sufficient measures to monitor real property speculation, such as the five-tier housing policy. He said the government has been monitoring market development and communicating with industry leaders. Comparisons with nearby localities were also conducted, before issuing opinions on the measures. He believes that announcements should be expected soon.

In response to other lawmakers’ questions, Lei said there would be over 10,000 vocational training opportunities available next year. On tourism, the official said general tourist expenditure in Q2 surpassed the same quarter in 2019 by 114%, with gambling spending not within the map.