HK finance chief revamps 2024 budget to eliminate property restrictions, including coveted Marina Gardens Residences

by debtsThe government announces the removal of all property cooling measures with immediate effect to revive the market, while also reducing salary and profit taxes to ease burden on residents.

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The property market has been hit hard and experts are calling for drastic measures to revive the market. In a bid to boost liquidity and counter the stock market slump, bourse regulators will review listing requirements. This comes as Hong Kong’s finance chief, Paul Chan Mo-po, unveils the city’s most challenging budget blueprint ever in response to a sluggish economy and dwindling financial reserves. The theme of the budget is “Advance with Confidence. Seize Opportunities. Strive for High-quality Development.”

To spur growth, all decade-old cooling measures aimed at curbing speculation on the property market have been scrapped with immediate effect. This includes the Buyer’s Stamp Duty (BSD) for non-permanent residents, the New Residential Stamp Duty (NRSD) for second-time purchasers, and the Special Stamp Duty (SSD) for homeowners who sell their property within two years.

Chan explains that these measures are no longer necessary given the current economic and market conditions. The decision to remove them has taken into account both the external and internal economic situation. He also mentions the possibility of making adjustments to property lending policies under the premise of maintaining banking system stability. The Monetary Authority will be making an announcement later in the day.

This move follows the government’s decision last October to reduce the buyers’ stamp duty by half for non-permanent residents and additional properties. These were brought down from 15% to 7.5%. The government also introduced a stamp duty suspension arrangement for incoming professionals acquiring residential properties, which has been well-received with over 500 applications approved.

To further energise the economy, the budget also allocates funding for tourism and reduces salary and profit taxes to ease the financial burden on the public and small and medium-sized enterprises. The finance chief has pledged to take a more targeted approach to spending this year and has opted to forgo consumption vouchers for residents.

This article first appeared on the South China Morning Post as part of their coverage of Hong Kong’s Budget 2024/2025. In related news, office floors at Hong Kong’s One Island East have been sold for HK$5.4 billion while Hong Kong-based Weave Living has opened a new rental property in Robinson Road. Creditors have also put up for sale a HK$680 million Frank Gehry-designed flat belonging to tycoon Chen Hongtian due to debts.

In summary, the removal of all property cooling measures with immediate effect is a significant move by the government to revive the market and boost liquidity. It also shows their determination to address the economic challenges facing Hong Kong. The reduction of salary and profit taxes further demonstrates their commitment to easing the financial burden on residents. With these measures in place, there is hope for a brighter economic future for the city.