HKSAR gov't cancels all property cooling measures

China's Hong Kong Special Administrative Region government decided to cancel all demand-side management measures for residential properties with immediate effect, said Paul Chan, financial secretary of the HKSAR government on Wednesday.

Chan made the remarks when delivering the 2024-25 budget at the HKSAR's Legislative Council, saying the HKSAR government has been keeping a close watch on the residential property market.

After prudent consideration of the overall current situation, the HKSAR government decided that Special Stamp Duty (SSD), Buyer's Stamp Duty (BSD) and New Residential Stamp Duty (NRSD) are not needed to be paid for any residential property transactions starting from Wednesday.

It is considered that the relevant measures are no longer necessary amid the current economic and market conditions, Chan said.