Macau | Gov’t to study Hong Kong’s property measure outcome for potential reference – Secretary for Economy

Macau (MNA) – The Secretary for Economy and Finance, Lionel Leong Vai Tac, said on Saturday that the Macau SAR Government will observe closely outcomes of the recent property measure implemented by the Hong Kong SAR Government, adding that the MSAR government will carry out studies to see if such measures could be referenced for rolling out similar measures in the city.

The Hong Kong government has imposed special rates on vacant first-hand private residential units at two times the rateable value of the flats to encourage developers to expedite the supply of first-hand homes.

With the MSAR Government also rolled out real estate measures and policy earlier this year, the Secretary stated that transactions made by first-time buyers has shown significant growth.

However, with the continuous shortage of property supply, the measures implemented earlier had little effect upon the property market price, said the Secretary.

“As I had said before that the control of the property market price depends mainly on the supply,” said the Secretary. “The number of supply and related information about the supply for the market are both important.”

Leong pledged that he will reach out other Secretariat to obtain information pertaining to the number of first-hand private residential units, as well as the construction timetable of all residential projects.