The double stamp duty on most property purchases - which lawmakers passed just before the Legislative Council's summer recess - and the previously passed buyer's stamp duty should remain in place indefinitely to curb property prices, Secretary for Financial Services & the Treasury Prof KC Chan says.
Speaking to the media after the measure won lawmakers' approval, Prof Chan said these measures are necessary to manage the excess demand and lead to a healthy market.
It is difficult to forecast how long these measures should stay in place due to uncertainties in Hong Kong and around the world regarding interest rate changes and capital flows, he said.
He emphasised the Government monitors such macroeconomic factors and the local situation closely.
"The Government is committed to taking effective measures to manage the situation so that our market can develop in a healthy and sustainable way."
