'High time to scrap all property cooling measures'
Property agency Midland Realty on Thursday called on Chief Executive John Lee to scrap all property market cooling measures in his upcoming Policy Address.  Speaking at a press briefing, the company’s chief analyst, Buggle Lau, pointed out that the restrictions had been in place for over a decade, and are out of step with current circumstances. Lau brushed aside concerns that home prices would soar following the easing of measures.  "If some of these measures are relaxed, I think it will help stabilise the overall property price,” he said.  “We do not believe that prices would increase significantly, given the current high interest rate environment together with a weak economy.”  Separately, Lau said his company will not follow the footsteps of another real estate agency, which has been drawing up preliminary sales agreements to allow buyers and sellers to call off a deal should there be no relaxation of stamp duties announced in the policy blueprint next week. The Estate Agents Authority had earlier warned that these agreements may "lead to legal disputes and cause confusion in the property market”, and it was investigating whether the use of such terms may breach its guidelines. Lau agreed that these documents could cause legal problems.  "Of course, our company doesn't engage in this kind of memorandum, simply because we believe that the legal process is too complicated." Lau said.  "Whenever buyers sign this kind of memorandum, they should think twice."