HONG KONG: Hong Kong will avoid the kind of property market crash that followed previous economic slumps in the finance hub, according to Financial Secretary Paul Chan. 'We do not see the risk of an off-the-grid type of downfall,” Chan said in an interview on Monday (March 2) with Bloomberg Television’s Yvonne Man.
Paul Chan, Hong Kong's financial secretary, posing for a photograph following a Bloomberg Television interview in Hong Kong, China, on Monday . Hong Kong will avoid the kind of property market crash that followed previous economic slumps in the finance hub, according to Chan.- Bloomberg
Unlike after SARS, this time Hong Kong has a shortage of supply, flush liquidity and historically low interest rates, Chan said. The centrepiece of Chan’s budget is a HK$10,000 cash handout to permanent residents age 18 and older. Other measures include tax breaks for individuals and businesses, as well as funding for various industries.
"Giving a cash handout and appealing to people to come out to spend, encouraging the business sector to come up with incentive programs to complement this initiative from the government, I think people will of course depending on their own personal circumstances, support us and support Hong Kong.”
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