Hong Kong announced Wednesday it is scrapping all property curbs to revive a faltering housing market, increasing spending to boost tourism and strengthening efforts to lure back foreign capital.
The city, China’s international financial center, has been on a prolonged economic downturn not just because of the impact from the COVID-19 pandemic. More significantly it is suffering due to Beijing’s crackdown on the city’s various freedoms – supposedly allowed under the “one country, two systems” formula – that has spooked investors. The government is logging a deficit of HK$101.6 billion (US$12.9 billion), with fiscal reserves dropping to HK$733.2 billion for the financial year ending in March.
In his budget for 2024-2025 delivered to lawmakers, Financial Secretary Paul Chan said Hong Kong is lifting all extra stamp duties immediately to revive the city’s housing market.
“After prudent consideration of the overall current situation, we decided to cancel all…
