HK Gov't will not Interfere with Property Market, Tung

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Last updated at: (Beijing Time) Friday, October 11, 2002

HK Gov't will not Interfere with Property Market, Tung

The Hong Kong government will not interfere with the property market, but hopes to stabilize property prices, Chief Executive Tung Chee-Hwa said.

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The Hong Kong government will not interfere with the property market, but hopes to stabilize property prices, Chief Executive Tung Chee-Hwa said.

The remarks were made during the question and answer session at the Legislative Council Thursday.

Tung told the council that the drop in property prices contributed to half of the 13 percent deflation recorded over the past four and a half years.

He warned that the public should not expect the government's support measures for the market to have an impact for one to two months after they are initiated.

Tung said the government's past measures to stabilize the property market did not achieve the desired effects as they were overshadowed by unfavorable external factors.

He stressed that the government will not consider the interest of property developers but property owners when looking into related measures.

Tung said the process of structural change in the Hong Kong economy has been slowed by weak external economic circumstances. Therefore, any improvement in the external environment could benefit this structural change, he added.

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