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GBA rule of law action plan released

The Action Plan on the Construction of Rule of Law in the Guangdong-Hong Kong-Macao Greater Bay Area has been released, the Department of Justice (DoJ) announced today.   Secretary for Justice Paul Lam explained that the action plan has two intentions, namely to underpin the guiding principle of “Three Interfaces, Two Connects & One Greater Bay Area”, and strengthen collaboration with the legal and dispute resolution sectors and other stakeholders to effectively implement policy measures set out in the plan.   Through mechanisms, regulatory frameworks and talent – the “three interfaces” – the DoJ said it will promote hardware and software connectivity in constructing rule of law in the bay area, co-operation between the various cities according to their respective strengths, and collaboration between different legal systems, thereby eventually achieving the goal of “one Greater Bay Area”.   Deputy Secretary for Justice Cheung Kwok-kwan, who is also the leading Hong Kong

Let the market adjust itself: FS

(To watch the full press conference with sign language interpretation, click here.)

 

Financial Secretary Paul Chan said today that the decision to remove all demand-side management measures in relation to residential properties was made after taking into account the current market situation, future supply, and the wider economic picture.

 

Mr Chan announced in his Budget that no Special Stamp Duty, Buyer’s Stamp Duty or New Residential Stamp Duty needs to be paid on residential property transactions starting from today.

 

Elaborating on the measures outlined in his Budget at a press conference this afternoon, Mr Chan explained that the demand-side management measures are no longer necessary given that current supply and demand are more balanced.

 

He noted that the potential supply of first hand units for the next three to four years will be around 109,000 units, while there are currently about 20,000 unsold units in completed projects.

 

“The market conditions have been very different now compared to 2010 and thereafter when these measures were introduced at different stages.

 

“Taking into consideration the current market situation, the future supply, and the economic situation, we think now is the appropriate moment to remove all these demand-side measures and let the market adjust itself.”

 

He added that he expected the transaction volume may go up after the lifting of the measures.

 

“The volume would likely be going up, but at the end of the day I think that whether to buy a residential property is a very personal decision depending on a number of factors specific to the individual buyers, including their own needs, their employment situation, their expectation of the economy, their assessment of the future property market, etc.”


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