Relaxed Compulsory Sale Application Requirements
Alnwick Chan, Managing Director, Professional Services
We welcome the Government’s decision to lower the application thresholds as this will allow buildings in disrepair or with potential safety risks to be sold more easily, thereby accelerating the pace of acquisition by developers and expediting urban renewal. This will ultimately increase housing supply and the number of old buildings available for redevelopment.
Transport Infrastructure Projects
Cyrus Fong, Senior Director, Head of Valuation & Advisory
The new transport infrastructure projects such as the Northern Metropolis Highway, Shatin Bypass and Central Rail Link will significantly enhance the connectivity between the New Territories and city centres, and attract more citizens to reside there.
These projects and the development of the Northern Metropolis will also facilitate Hong Kong’s integration into the Greater Bay Area.
We expect the property price gap between the New Territories and Hong Kong Island/Kowloon to gradually narrow from the current difference of 40% to within 30%.
Increasing the Supply of Transitional Housing
Martin Wong, Director and Head of Research & Consultancy for Greater China
It is expected that part of the housing demand could be fulfilled by this short-term solution.
The Government can consider introducing well-defined exit strategy and sunset clauses to provide more incentives to encourage private sector participation in the development of transitional housing.
Offering Tax Concessions for Family Offices
Antonio Wu, Head of Capital Markets for Greater China
We believe that this preferential measure will help attract more family offices to set up in Hong Kong, thereby generating more demand for investment management and other related professional services. It will also deepen Hong Kong's funding pool and create more business opportunities for the financial services industry.
Refunding Extra Stamp Duty Eligible Talent
Maggie Lee, Senior Director and Head of Residential Agency
We expect that this initiative will have limited short-term impact on Hong Kong’s residential market as talent from outside Hong Kong are still required to pay the extra stamp duty before applying for a refund.
The Government’s strategy to compete for talent and businesses will help attract more overseas talent to Hong Kong and create more residential leasing demand. We foresee that home rents in Hong Kong will increase steadily in the coming year.
GBA Initiatives
Robin Huang, Office Strategy & Solutions Director for the Greater Bay Area
We support the Government’s proposal to deepen collaboration with other GBA cities. It is certain that synergies among GBA cities will be boosted shortly. This will also create more opportunities for companies in Hong Kong to explore the potential in Southern China, including the opportunity for more exposure, cost savings and talent transfer.