Transcript of remarks by CE

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MIL OSI Asia Pacific

Source: Hong Kong Government special administrative region

Headline: Transcript of remarks by CE

     Following is the transcript of remarks by the Chief Executive, Mr C Y Leung; the Financial Secretary, Mr Paul Chan; and the Secretary for Transport and Housing, Professor Anthony Cheung Bing-leung, at a media session today (April 11):
 
Reporter: Mr Leung, can you outline the measures that you are introducing today? And can you explain why the Government felt moved to bring this announcement today at this time?
 
Chief Executive: We’ve been working on this. We’ve been watching over the situation, and the Government has been working on this over the past few weeks. And we have now come up with this proposal, and as soon as we have concluded the contents of the proposal, we are here through the media to announce it to the community. Essentially, what we are proposing is this: in line with our overall housing strategy – we all know that rising housing costs, whether it is purchase prices or rents, is a big hindrance to the living standards here in Hong Kong. So, on the one hand we have been increasing housing supply. Potential supply, this is in the next three to four years, is 94,000 units, and this represents a 45 per cent increase on the same figure when we took office five years ago, and it is a record high compared to the past 12 years when we first started collecting such figures 12 years ago.
 
     At the same time, we have been taking measures to suppress three types of demand: speculative; external, meaning demand from buyers outside of Hong Kong; and also investment demand. The new proposal, which will take effect after midnight tonight, is to ensure that people do not buy more than one unit by using one legal document, and this is very much in line with our overall policy to give preference, a priority, to people – Hong Kong people – who buy for their own occupation.
 
(Please also refer to the Chinese portion of the transcript.)
 

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