Hong Kong Scraps Property Curbs to Boost Weak Housing Market

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The real estate industry had urged Financial Secretary Paul Chan to lift the curbs to boost sales and alleviate the worst property slump in more than two decades. Photo: Bloomberg

(Bloomberg) — Hong Kong’s government is removing cooling measures on housing to boost the lackluster market and will provide additional funds to support tourism as part of a sweeping plan to revive growth in the financial hub.

Measures to curb housing demand will be canceled with immediate effect, Financial Secretary Paul Chan said in his budget speech on Wednesday. The policies are no longer necessary in the current economic and market conditions, he said during an address that also detailed some HK$1 billion ($128 million) spending on tourism measures including fireworks displays and efforts to host more mega events.