Market needs time to react to easing cooling measures
Chief Executive John Lee said on Tuesday that it will take some time for the property market to fully reflect and adjust to changes to cooling measures that he announced in his Policy Address last month.  The CE partially eased or withdrew several of the "spicy measures", which were first introduced to rein in the red-hot market more than a decade ago. But the market has remained slow, with recent land sales struggling to attract bids.   Speaking to reporters ahead of the weekly Executive Council meeting, Lee noted that like many other places in the world, Hong Kong is facing challenges like a high interest rate environment.  He said the aim of the policy changes is to facilitate the healthy development of the market. When asked whether the government will withdraw all of the cooling measures, the CE said officials will continue to monitor the situation. "I have learned from the news that there have been more enquiries made by interested buyers... obviously the market and buyers will take time to observe the situation and make their decision," he said.  "Because buying a property is after all a major decision for a normal family, so it's natural that people will take time to make their decision."