Hong Kong Chief Executive CY Leung Tuesday reiterated that the government will not relax nor refine demand-management property measures, and urged lawmakers to pass the bill on those measures as soon as possible.
Speaking to reporters before attending an Executive Council meeting, Leung said a developer offered discounts to buyers this weekend, which offset the effects of some of the government's property measures. As a result, many buyers, including foreign and Mainland buyers, and speculators, queued up to buy flats in the development.
This showed the property market would return to the condition it was in before the property measures' introduction if the government were to relax or cancel them, as some parties have demanded, he said.
He also said second-hand property transactions rose to a four- month high during the weekend as owners were willing to cut prices. This showed the market will become active again if developers and property owners are willing to follow the market trend and accept that property prices may go down as well as up.