Housing stratergy to be unveiled by Gov’t

Housing stratergy to be unveiled by Gov’t
December 16, 2014
Chief Executive CY Leung has revealed that the Government will announce its long term housing strategy this afternoon.

Speaking to reporters before attending this morning’s Executive Council meeting, Mr Leung said since the current Government took office, it had made every effort to increase the property supply, including re-zoning non-residential land for residential use.

He expects about 74,000 units to be available in the next three or four years to help meet the backlog of unmet housing needs.

Mr Leung noted that while the double stamp duty measures could suppress speculation, investment and external demand to a certain extent, the most straightforward and long-term solution for a property shortage is to increase supply.

The Chief Executive added that the main reason for surging property prices in recent years was the long-term, low interest rate environment, and he reminded home buyers that real estate prices might fall if interest rates rise.

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