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South China Morning Post
23-03-2025
- Business
- South China Morning Post
Hong Kong property demand aided by stamp duty cuts, but stocks and interest rates are key
Hong Kong's residential property market is showing signs of improvement following the government's decision to lower the stamp duty for small flats, but market experts believe a buoyant stock market has played a greater role in boosting market confidence and that interest rate trends remain crucial. Advertisement The Hong Kong government reduced the stamp duty on the sale of flats worth up to HK$4 million (US$515,000) to just HK$100, down from HK$60,000, Financial Secretary Paul Chan Mo-po announced in his budget address on February 26. The previous threshold was for homes worth up to HK$3 million. 'The new policy did help to improve the residential market as the sell-through rate of those small flats in recent new launches in the first-hand market was good,' said Buggle Lau Ka-fai, chief analyst at Midland. 'But it may not be the main reason for the uptick in transactions.' Centaline Mortgages said as of March 20, transactions of flats between HK$3 million to HK$4 million increased by 1.9 times over the same period in February this year and up 3.5 times year on year. Financial Secretary Paul Chan Mo-po, at the Hong Kong Coalition of Professional Services lunch at New World Harbour View in Wan Chai on March 11. Photo: Jonathan Wong Hong Kong has seen strong weekend sales over the past three weeks. Last Saturday, 228 available flats at the new Tai Po residential project developed by Vanke Hong Kong were sold. Sun Hung Kai Properties' Yoho West Parkside development in Tin Shui Wai also saw batches of units quickly snatched up by buyers.
South China Morning Post
11-03-2025
- Business
- South China Morning Post
‘I can grant you a piece of land': Hong Kong's Paul Chan eyes AI, tech firms
The Hong Kong government will grant land to companies that harness cutting-edge technology and have strong job creation prospects, such as those in artificial intelligence (AI) and life sciences, the financial secretary has said. Advertisement Paul Chan Mo-po said on Tuesday he wanted to use the land offer to accelerate the development of the Northern Metropolis and other initiatives, while helping the city seize opportunities amid geopolitical tensions and AI's reshaping of the global economy. He said authorities were making preparations that were 'a little different' from past measures, as the government looked to advance the megaproject near the border with mainland China. 'If you have a certain amount of cutting-edge technology and invest a certain amount of money to create a certain number of jobs for us, I can grant you a piece of land and you will develop it and attract investment,' Chan said at an event hosted by the Hong Kong Coalition of Professional Services. 'It is not only about the government selling the land after completing all the land levelling and infrastructure.' Advertisement He gave the example of European and US drug companies that wanted to sell products in mainland China but could not conduct clinical trials there, saying they might opt to set up in the Lok Ma Chau Loop.
