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Following is the transcript of remarks by the Secretary for Financial Services and the Treasury, Professor K C Chan, at a media stand-up session after attending the Legislative Council meeting yesterday (July 15):
Reporter: Mr Secretary, how long is the DSD (Double Stamp Duty) expected to remain in place and are stronger measures needed to curb the property prices given that the prices of small flats are still soaring?
Secretary for Financial Services and the Treasury: I believe the DSD as well as the previously-passed measure, the BSD (Buyer's Stamp Duty) measure, are necessary to manage the excess demand on our housing, and try to lead to a healthy housing market. It is very difficult for anyone to say how long these measures should be in place because so many things are happening. I think before we talk about the local situation, we must be aware that there are a lot of uncertainties going around in the world, the interest rate changes and the capital flow. These things which happen outside Hong Kong will affect Hong Kong. We have to monitor those macroeconomic factors very closely, as well as our own local situation. You mentioned some of the local market reaction recently. We have to wait and see and monitor how it develops. The Government is committed to taking effective measures to manage the situation so that our market can develop in a healthy and sustainable way.
(Please also refer to the Chinese portion of the transcript.)
Ends/Wednesday, July 16, 2014
Issued at HKT 00:04
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