The Government's property cooling measures have achieved their goal, with far less non-residents buying local property.
Chief Executive CY Leung made the statement today, saying the “Hong Kong property for Hong Kong residents” policy was launched before the property cooling measures, back when the tight demand for flats was worsened by the non-resident buying spree on local property.
Property developed under the policy can only be sold to Hong Kong residents, as stipulated in the land lease.
The property cooling measures have suppressed the demand from outside Hong Kong, he added.