Home price falls minor, market is consolidating: govt
Housing minister Winnie Ho said on Wednesday that she doesn't believe property prices have "fallen off a cliff", despite a month-on-month drop of two percent recorded in November. Ho described the fall as "minor" and "not rapid", saying the market is "consolidating".  The minister made the comments when asked by Business and Professionals Alliance lawmaker Jeffrey Lam whether the government could remove all property cooling measures so "the market and the economy in general can regain vitality". "We have to carefully handle these situations. After all, there are still many people, young families who wish to own a home," Ho told a full Legco meeting. "I believe striking a good balance is an important factor of the current government's [desire] of having a healthy and stable development of the property market." Ho added that the number of home transactions rose in November and December, after the removal of some cooling measures were announced in the chief executive's policy address. She said the government's move to allow non-local talent to defer stamp duty payments on home purchases has been popular, with almost 500 applications in the past couple of months.  The measure helps boost the sense of belonging among such talent, the minister said, and increases the chance of them staying in Hong Kong.  Before the policy change, the stamp duty was collected at the time of the home purchase, with the money returned if the buyer became a permanent resident after seven years. Now, it can be deferred and only becomes payable if the buyer doesn't become a permanent resident within nine years of arriving in Hong Kong.