Transcript of remarks by STH
****************************
Reporter: So what do you think the effect of your measures will be because in the past measure is considered to be short term, I would say, but now do you worry that because it's quite strong, and do you think that there is no flexibility because upcoming there will be election in the US, there are uncertainties in the property market, so do you think your measures are effective ones in curbing the housing market, and solving the problem here?
Secretary for Transport and Housing: Well what I can say is when you deal with real market situation, sometimes you have to focus on what is happening, what has already happened, and what the existing situation means in terms of price level, the sentiment of the market. At the moment, in Hong Kong, the Government has come to the view that the market has become very exuberant, in a similar way as two years ago, as 2013 when we introduced the double stamp duty. We think it's time that we do something because if we don't do anything, the market will become even more overheated, and that will be to the detriment of many first time Hong Kong permanent resident home buyers. Of course the external economic market is always fluctuated. It's determined by global economic situation. It's determined by sometimes political events. You mentioned the US presidential election. That definitely has an impact on the global market. Brexit, for example, has an impact. But these factors will take place from time to time. For Government, we cannot afford to just sit down and do some objective analysis, because it's more than analysis. From time to time we have to take a view, and to act, and that's what we are doing.
(Please also refer to the Chinese portion of the transcript.)
Ends/Saturday, November 5, 2016
Issued at HKT 13:44
Issued at HKT 13:44
NNNN