Hong Kong’s government has lifted curbs on property deals after home prices fell to a seven-year low, adding to the Chinese territory’s woes.
Finance minister Paul Chan announced the move in a speech presenting the territory’s budget, which also raised spending on tourism promotion. He said all curbs, such as extra taxes, imposed earlier to cool the property market would be lifted with immediate effect.
Home prices have fallen for nine consecutive months and share prices have languished as a tightening of freedoms in the former British colony has rattled investors. Meanwhile, Hong Kong’s tourism has not fully rebounded after it reopened to foreign travelers following the COVID-19 pandemic. China’s slowing economy has also impacted Hong Kong’s recovery.
Chan said the limits on property transactions were “no longer necessary amid…
