In addition, the Hong Kong Monetary Authority eased mortgage rules, pausing stress tests and allowing some homebuyers to purchase properties with smaller down payments.
Hong Kong’s government is removing cooling measures on housing to boost the lacklustre 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 cancelled 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 ($171.9 million) spending on tourism measures including fireworks displays and efforts to host more mega events.
