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Following is the transcript (English portion) of a stand-up session by the Financial Secretary, Mr Antony Leung, after attending the 2002 Asian Venture Forum this (November 14) morning :
Reporter : Can you tell what (the measures on housing policy) effects on the Budget deficit ?
Financial Secretary : In the near term, particularly in the coming year, the revenue from the sale of land obviously will be affected. We have projected a land sale of $ 25 billion of dollars this year, and up to October, we have received only $ 8 billion, so there will be a negative effect. But on the other hand, I am quite confident that with all these measures, the property market will be stabilised, which will actually make the land sale received in subsequent years much healthier because if the property sector is healthier, the receipts from both the land sale as well as from the secondary market will be improved, from the stamp duty, from profit tax, etc. So actually in the medium term, would help our efforts to achieve the target of a Budget balance by 2006/07.
(Please refer to the Chinese portion of the transcript)
End/Thursday, November 14, 2002
