Financial Secretary Paul Chan today said he is confident that the Government’s adjustment of the maximum loan-to-value ratio for all properties to 70% will be conducive to the healthy and stable development of the Hong Kong property market.
Elaborating on the measure, announced in yesterday’s Policy Address, at a press conference today, Mr Chan said the Government decided on the change after reviewing a whole range of factors.
“About the removal of all the macro-prudential measures, namely the loan-to-value (ratio) ceiling for bank loans, the property market, in terms of pricing, has come down quite a bit since September 2021. The market started to stabilise.
“There would be around 108,000 first-hand units available in the next three to four years in terms of residential properties, so the supply would be enough.
“So given those circumstances, we should not unduly impose measures to suppress the demand or try to prioritise the different demands.
“We have decided to remove all those measures, (while) also taking into consideration that, at the moment, our banking sector is very healthy, very well capitalised.
“We do feel confident (with) removing those restrictions so that we will be able to project a more positive expectation, if I may use that word, about the healthy and stable development of the Hong Kong property market.”
Financial Secretary Paul Chan.
HKETO Jakarta promotes latest initiatives of Policy Address in Indonesia
The Hong Kong Economic and Trade Office in Jakarta (HKETO Jakarta) supported the inaugural Hong Kong - Indonesia Digital Summit held in Jakarta, Indonesia, today (October 17). The Summit was jointly organised by the Indonesia Hong Kong Business Association and the Indonesia Chamber of Commerce in Hong Kong.
The Director-General of the HKETO Jakarta, Miss Libera Cheng, shared with Summit participants during the gala dinner the latest initiatives related to the development of new quality productive forces and the promotion of Hong Kong's digital economy as announced in "The Chief Executive's 2024 Policy Address" delivered by the Chief Executive yesterday (October 16), with a view to publicising the city’s latest developments and opportunities.
Addressing the event, Miss Cheng stressed that the Hong Kong Special Administrative Region (HKSAR) Government is committed to developing Hong Kong into an international innovation and technology (I&T) centre by promoting the upgrading and transformation of traditional industries while diligently nurturing emerging ones. The measures include increasing investment and guiding market capital to invest in I&T industries, while an HK$10 billion I&T Industry-Oriented Fund will be set up to guide more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology and artificial intelligence.
She added, "The HKSAR Government will press ahead with the development of a digital economy. We will also expedite the integrated development of the digital economy and the real economy, which includes accelerating the digital transformation of industries, strengthening digital infrastructure, and exploring development of a data trading ecosystem.
"In the digital world, data is king. Under the 'one country, two systems' framework, Hong Kong enjoys unique advantages in cross-boundary data flow. The HKSAR Government is exploring on a pilot basis facilitation arrangements for cross boundary data flow within the Guangdong Hong Kong Macao Greater Bay Area. Such co-operation would bring enormous opportunities for research and development work."
The gala dinner was attended by over 150 participants including senior representatives from government and business circles, as well as I&T companies.
HKETO Jakarta promotes latest initiatives of Policy Address in Indonesia Source: HKSAR Government Press Releases
HKETO Jakarta promotes latest initiatives of Policy Address in Indonesia Source: HKSAR Government Press Releases
