Hong Kong’s property market needs time to adjust to new measures introduced in policy address, John Lee says
- Chief Executive John Lee stresses property market woes are not unique to Hong Kong, may persist due to high interest rates
- City leader cites media reports stating more inquiries have been made to property agents by interested buyers
Hong Kong’s property market needs time to adjust to a series of measures introduced by the government in October, the city’s leader has said after months of slow flat sales and two large offerings near the airport failed to attract developers’ interest.
Chief Executive John Lee Ka-chiu on Tuesday also said property market woes were not unique to Hong Kong and posed challenges to other economies due to high interest rates which might persist for some time.
“Obviously, the market and buyers will take time to observe the situation and make the decision, because buying property is, after all, a major decision for a normal family,” Lee told reporters before his weekly meeting with key decision-making body the Executive Council.
Lee cited media reports saying that more inquiries had been made to property agents by interested buyers, particularly those who came to Hong Kong under various talent schemes. The city welcomed 70,000 people under such programmes in the first 10 months of the year.
“It is natural that people will take time to make [the decision to buy a house],” Lee said, stressing that the property curbs were lifted less than a month ago.
The MTR Corporation last week failed to entice local property developers to jointly build a large-scale mixed-use property in Tung Chung near Hong Kong International Airport, a week after the government failed to sell another site in the area after bidding fell short of its reserve price.
The setback signalled uncertainty in the outlook for Hong Kong’s housing market.
