In the real estate sector, the policy address, as anticipated by the market, introduced measures to cool the property market, with three simultaneous measures to relax the regulations. Tony Chan, Vice Chairman and President of the Residential Department of Asia Pacific at Centaline Property, welcomed these measures, believing they would contribute to the overall turnover of the property market.

The first measure proposed in the report is to shorten the applicable period for the Special Stamp Duty (SSD) from three years to two years. During the downward cycle of the property market, owners who purchased properties in the past three years have faced challenges in selling their properties due to the restriction imposed by the SSD. Data from the first nine months of this year showed that only 136 cases of SSD reflected a reluctance among property owners to sell their properties subject to the tax.

Shortening the applicable period can now reduce the risk for buyers entering the market, attract more hesitant potential buyers, and expedite their purchase decisions.

The second measure is to halve the buyer's stamp duty and the stamp duty for new residential properties, reducing both from 15% to 7.5%. With 11 rate hikes in the US, the burden on those supplying the market has increased, and the high-interest environment has redirected funds to fixed deposits.

Therefore, halving these taxes can alleviate the cost for Hong Kong residents to purchase residential properties again, stimulate long-term investment intentions, and increase rental supply to stabilize rents.

The third measure is to reduce the tax rate for non-permanent residents purchasing residential properties from 30% to 15%, with a "waiver first, levy later" policy for stamp duty on property purchase by non-local talents. This measure can enhance the attractiveness of the Hong Kong property market, attracting more foreign talents to invest in Hong Kong. Compared to the high property taxes imposed in places like Singapore, the reduced tax rate can bring in new funds for Hong Kong.

Furthermore, the policy address also mentioned the restart of the investment immigration program. While the funds from the investment immigration program cannot be used for property investment, the program can inject new funds into the property market and attract more individuals with residential needs.

The advancement of infrastructure projects is also a crucial factor for the property market. The report proposes plans to build smart and green collective transport and optimize railway transportation. The progress of infrastructure projects can enhance the value of surrounding properties, as the convenience of transportation significantly impacts the market value of properties.

Additionally, the Housing Authority will relax the mortgage loan guarantee for the sale of second-hand subsidized units, extending the maximum duration from 30 years to 50 years. This measure can stimulate turnover in the market for second-hand subsidized housing, particularly benefiting older properties. It will increase the opportunities for low-income residents to purchase homes and improve the property ladder.