This is what happened to property speculators post first round of stamp duty

Is the mission accomplished already?

According to a government release, Secretary for Financial Services & the Treasury Prof KC Chan said the Government aims to ensure the property market is user-driven, and give Hong Kong people priority in buying properties through new demand-management measures.

Speaking to media today, Prof Chan said the first round of special stamp duty had achieved its objective as property speculators had all but disappeared. The Government has launched new measures as several reasons have triggered a frothy property market, pushing property prices up about 20% in the past nine months.

He said the Government needs to manage market expectations. According to past experience, the new measures will cause the number of transactions to drop. The market demand and supply will adjust accordingly and the Government will monitor it closely.

He added people should be aware that there will be more supply in future, and the Government will launch measures whenever the market warrants them. He urged people to have confidence in Government housing policies.

When deciding whether to buy properties, people should consider their own financial situation, affordability and risk, he said.

Meanwhile, Prof Chan said the Mandatory Provident Fund is an important part of a retirement protection system, and should fulfill the objective of the retirement protection system. The Government is working out how to lower costs, and will conduct a consultation to gauge views on how to improve the fund products offered.