Hong Kong Government May Intervene in Unfair Property Market

Published on October 28, 2009 by Rebecca | This story has been viewed 262 times

Recently, Hong Kong’s luxury houses were created a “whopping price,” which aroused great concerns about the real estate market. John Tsang, the Financial Secretary of Hong Kong SAR Government, has met with the representatives of Real Estate Developers Association of Hong Kong, indicating that the HKSAR Government hoped a stable development and self-regulation of the property market. He also said that the Government would intervene if there was unfair and unhealthy development in the property market.

According to Hong Kong media reports, on the 27th, with Mrs. Carrie Lam the Secretary for Development and Ms Eva Cheng the Secretary for Transport and Housing as well as other government officials, Mr. Tsang met with more than 10 representatives of the Real Estate Developers Association. It’s reported that at the meeting, Mr. Tsang expressed the public concern about rising property prices in recent months, particularly concerned that the increase of luxury houses’ price may boost the price of low cost housing.

Mr. Tsang was concerned about the developers’ property sales strategy, hoping that they could self-discipline and increase the transparency of information on sale of flats. He indicated the Government’s hope of a healthy, stable and equitable development of the property market. If it was found that the property market development was unfair and unhealthy, particularly if it affected people’s livelihood, social stability and the interests of consumers, the SAR Government would take decisive and targeted measures to intervene. He also said that the SAR Government did not intend to intervene in the property market, but it would monitor the market situation cautiously, therefore he hoped that the developers would be able to exercise self-discipline.

Shenzhen Post Rebecca Contributes to the Story.

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