Revenue from land sales fell short of expectations and the deficit was higher than expected Chan Mo-po: Pragmatically consider property market measures
The second “Policy Address” during Chief Executive Lee Ka-chiu’s term was released on the 25th of this month. The market is concerned about whether the government will announce in the report that the property market will be “reduced” or “removed.” Financial Secretary Paul Chan Mo-po said that in response to the industry’s request to cancel the “hot-ticket” in the property market, pragmatic considerations will be made with reference to market conditions and the policy-making environment at that time. He also pointed out that the transaction volume in the property market this year has increased compared with last year, and the current property market level is similar to that at the end of last year. In addition, Chen Moopo admitted that due to the unsatisfactory impact of land sales revenue, this year’s fiscal deficit will be higher than expected in the budget.
Financial Secretary Paul Chan Mo-po
Recently, there have been many voices in the political and business circles asking the government to withdraw the “hot move” to stimulate the property market. Paul Chan pointed out on a commercial channel program yesterday that both the property market and the stock market have their own cycles. Property prices are relatively similar to those at the end of last year, and trading volume is also higher than at that time. The average value is high; both the property market and the stock market are affected by multiple factors such as the economy and market sentiment. He reiterated that the government will make pragmatic considerations with reference to market conditions and the prevailing policy-making environment.
When asked about the fact that in the first two quarters of this fiscal year, the government only sold two pieces of official land, and even with the land premium project, it is estimated that the revenue from land sales is only about 15.6 billion yuan for the time being, which is far from the annual target of 85 billion yuan. Paul Chan admitted that “this year’s deficit will be larger than in the budget”, which is related to the impact on land sales revenue, but stressed that Hong Kong’s finances will be stable in the medium to long term.
Visitors to Hong Kong have returned to 70% to 80% before the epidemic
Chan Mo-po also pointed out that since the customs clearance, the Hong Kong market has been booming, with tourists visiting Hong Kong returning to 70 to 80% of the pre-epidemic level, and private consumption reaching 90% of the pre-epidemic level. He predicts that many large-scale events will bring in a large number of business tourists in the future; he hopes that Hong Kong’s services can be improved to provide tourists with a better experience and build reputation.
The original article was published on AM730
2023-10-08 22:52:23
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