Secretary for Housing and Transport Anthony Cheung Bing-leung said the government has no intention to withdraw any of the restrictions on home purchases it has put in place because there is still an imbalance of supply and demand in the property market, the Hong Kong Economic Journal reported.
Cheung was reacting to suggestions by property market players to withdraw the higher stamp duties and other curbs on the market in the wake of falling home prices.
He said the government aims to see 87,000 new homes to be completed in the next three to four years to ease the problem of supply in the market.
Cheung also urged the public to be more open-minded about the government’s policy on land use, instead of filing judicial challenges against plans to increase land supply.
Meanwhile, Secretary for Development Paul Chan Mo-po said it is difficult to increase land supply through a single measure. He said Hong Kong should create a long-term land reserve.
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