'Property market policies are step in right direction'
A property analyst on Thursday described the government's move to relax housing market cooling measures as "pragmatic", but possibly "over-cautious". The Buyer's Stamp Duty and New Residential Stamp Duty have been halved from 15 percent to 7.5 percent, while the Special Stamp Duty now only applies to people who sell a property within two years of its purchase, rather than three. Nicholas Brooke, chairman of Professional Property Services Group, told RTHK that the market is currently in "disarray" due to interest rates and the geopolitical situation, and the government clearly wants to provide support without over-stimulating it.  "It removes the uncertainty that's been hanging over the market pending [Wednesday's] Policy Address. People can now get on with secondary sales, which have been held up. Developers have units which they want to release to the market. So from that perspective, I think certainty is a key factor and it is a positive factor," he said. Brooke added that he expects flat prices to bottom out next year and sales transactions to increase. Meanwhile, a management consultant said on the same programme that policies to boost the city's birth rate are a step in the right direction. New parents can now get a subsidy of HK$20,000, along with an additional housing tax deduction. The government also says such families will enjoy shorter waiting times for public flats.  "The important part is the government is showing its commitment. I believe more policies will follow, maybe not necessarily this year," said Roy Ying, co-chair of the advocacy and policy research committee of the Hong Kong Institute of Human Resource Management.  "But with more and more people talking about child birth, I’m sure there will be new initiatives and recommendations by Legco members. We expect to see more in the coming years."