Property measures to stay

2018-11-25 05:17:49

The Government will not relax or withdraw its demand-side management measures despite a drop in prices and transaction volume of private flats, Secretary for Transport & Housing Frank Chan said today.

Speaking at the Legislative Council, Mr Chan said local housing is still in the state of demand-supply imbalance and the current property price level remains out of line with economic fundamentals and the public?s affordability.

The home purchase affordability ratio in the third quarter stayed high at 74%, well above the 20-year long-term average of 44% from 1998 to 2017.

?The Government has no intention to relax or withdraw any demand-side management measures at the moment, lest this would send a wrong message to the market and make the property market more exuberant,? he said.

Mr Chan added the Government will remain vigilant and make reference to indicators such as property prices, transaction volume, housing supply, and local and global economic changes.

It will also closely monitor the developments of the property market and the evolving external environment.

?The Government will take appropriate actions as and when necessary with a view to ensuring a steady development of the property market.?

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