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Marcos Chan, Head of Research, The Greater Bay Area & Hong Kong, CBRE, on The Chief Executive’s 2020 Policy Address.
He said: “The removal of the Double Stamp Duty comes in a time when the commercial property investment market needs a boost, halving the stamp duty for commercial property transaction will trigger more transactions in the short-term future, with end users expected to be more active.
Capital values, however, will be less likely to see a strong rebound until leasing demand picks up and rents begin to rise.
The Policy Address pays efforts to enhance Hong Kong’s livability and long-term competitiveness including initiatives to increase long-term land supply and deepen and broaden the city’s industry base.
The document offers limited additional support to individuals and corporates after making available HKD$300 billion of supportive measures from earlier in the year. This combined with the fast escalation in the number of confirmed COVID-19 cases, people flow across the border is set to remain limited and unemployment rate is set to climb higher in the next few months.”