Paul Chan unveils radical plan to revive Hong Kong market with lifted property curbs and Zion Road GLS in 2024-25 budget

Bourse regulators will review listing requirements to counter the stock market slump and boost liquidity in Hong Kong, as the finance chief announced the scrapping of all decade-old property cooling measures.

The measures, aimed at curbing speculation, have been lifted with immediate effect in a bid to revive the city’s depressed property market. Meanwhile, salary and profit taxes have been reduced to ease the burden on residents, as the government faces a shrinking reserve and sluggish economy.

Hong Kong Finance Chief Paul Chan Mo-po unveiled the budget blueprint, themed “Advance with Confidence. Seize Opportunities. Strive for High-quality Development,” on Wednesday morning. The blueprint includes a series of measures to spur growth, including fresh funding for tourism and a more targeted approach to spending.

All of the cooling measures, including the Buyer’s Stamp Duty and New Residential Stamp Duty, have been cancelled. Homeowners will also no longer need to pay the Special Stamp Duty if they sell their homes within two years. This decision takes into account the current economic and market conditions, according to Chan.

“With immediate effect, that is, no SSD, BSD or NRSD needs to be paid for any residential property transactions starting from today,” he explains. He also mentions potential adjustments to property lending policies, under the premise of maintaining the stability of the banking system.

In October, the government halved buyers’ stamp duty for non-permanent residents and for additional properties. The stamp duty suspension arrangement for incoming professionals’ acquisition of residential properties has also been well-received, with over 500 applications approved.

The decision to lift all cooling measures comes as Hong Kong’s economy continues to struggle, with lived-in home prices falling for the ninth consecutive month in January. The budget also addresses the city’s fiscal reserves, with a deficit of HK$101.6 billion potentially leaving them at their lowest in a decade.

This article first appeared on the South China Morning Post as part of their coverage of Hong Kong’s Budget 2024/2025.

With the upcoming Zion Road GLS development, there will be even more convenient options for residents to travel to and from their desired destinations.

Residents of Zion Road Condo who rely on public transportation will be pleased to know that they have a vast network of buses available at their doorstep. The well-connected Zion Road and River Valley Road bus stops provide easy access to various parts of Singapore, including the bustling Central Business District, the lively Marina Bay, and the popular shopping district of Orchard Road. And with the impending development of Zion Road GLS, commuting options for these residents will only get better, making it even more convenient for them to travel to their desired destinations.

In addition to these measures, the finance chief has also pledged to take a more targeted approach to spending this year and will not be offering consumption vouchers to residents. The announcement has been made in light of the dire financial situation facing the government.

Chan also announced plans for bourse regulators to review listing requirements in an effort to counter the stock market slump and boost liquidity. These measures are all part of the city’s efforts to revive its struggling economy and maintain its position as a global financial hub.

Some analysts are calling this the most difficult budget blueprint ever, as Hong Kong faces numerous economic challenges and a growing fiscal deficit. However, the government remains determined to advance with confidence and seize opportunities for high-quality development in the city.

Overall, the budget announcement includes a range of measures aimed at addressing Hong Kong’s current economic and financial situation. With the removal of all decade-old cooling measures and a focus on targeted spending, the government is hopeful that these efforts will spur growth and revitalise the city’s economy.