Gov’t set on timely flat supply

September 13, 2019

Financial Secretary Paul Chan:
As to your question about vacancy tax for first-hand residential property, the policy objective of that amendment bill is to make sure residential units, on completion, will be supplied to the market for rental or sale purposes as quickly as possible. Over the past three months, because of social incidences here, the property market has become a little quiet, and in some areas the price may have softened a little bit. But this does not affect us in terms of our determination in pushing completed units' timely supply to the market.

The Government is determined to encourage a more timely supply of first-hand private residential units.

Financial Secretary Paul Chan made the remarks to reporters today, following the gazettal of the Rating (Amendment) Bill 2019 that aims to implement the proposed Special Rates announced by the Chief Executive last June.

Mr Chan said: “The policy objective of that amendment bill is to make sure residential units, on completion, will be supplied to the market for rental or sale purposes as quickly as possible.

“Over the past three months, because of social incidences here, the property market has become a little quiet, and in some areas the price may have softened a little bit.

“But this does not affect us in terms of our determination in pushing completed units' timely supply to the market.”