Legco approves 2023 move to dilute 'spicy measures'
Hong Kong's legislature on Wednesday approved the government's move last October to partially ease property market cooling measures. The government halved the Buyer's Stamp Duty and New Residential Stamp Duty to 7.5 percent, and applied the Special Stamp Duty only to people selling a property within two years of its purchase, rather than three previously. At a Legco meeting, Secretary for Housing Winnie Ho said she was aware of calls for all other "spicy" measures to be lifted, but the changes put forward in the last policy address were more practical. "We think the relevant adjustments strike a balance between suitably responding to market changes and maintaining the effectiveness of demand-managing measures, and considering Hongkongers', especially young people's, needs to buy homes," she said. She added that private homes overall are still unaffordable to the general public and authorities will continue to keep a close eye on the residential property market.