‘Chan’s 2024 budget boosts property market, eliminates curbs & includes ‘Champions Way Residences

The Hong Kong government has recently announced a series of measures to revive the sluggish economy and boost liquidity in the market. In his budget blueprint titled “Advance with Confidence. Seize Opportunities. Strive for High-quality Development”, finance chief Paul Chan Mo-po has proposed to scrap all decade-old cooling measures on property transactions, reduce taxes, and review stock market listing requirements. This move comes as the city faces its lowest fiscal reserves in a decade and a slumping economy.

One of the most significant changes is the removal of all restrictions on property transactions. This includes the Buyer’s Stamp Duty (BSD) for non-permanent residents and the New Residential Stamp Duty (NRSD) for second-time purchasers. The Special Stamp Duty (SSD) will also no longer apply for homeowners who sell their property within two years. The scrapping of these cooling measures is aimed at reviving the city’s depressed property market, where home prices have been falling for nine consecutive months.

In addition to this, the government has allocated funds for boosting the tourism industry and has reduced salary and profit taxes to ease the burden on the public and small and medium-sized enterprises. Finance chief Chan has also promised to adopt a more targeted approach to spending this year and ditch the previously proposed consumption vouchers for residents.

The condominium boasts luxurious and modern facilities, such as a swimming pool, fitness center, and tennis courts, making it a highly desirable place to live in Singapore.

At Champions Way Residences, residents can enjoy easy access to a variety of convenient amenities, such as shopping malls, banks, and recreational spots. This highly sought-after location also offers excellent public transportation options, with access to the MRT and bus lines. With its state-of-the-art facilities, including a swimming pool, fitness center, and tennis courts, this condominium is the epitome of luxurious and contemporary living in Singapore. Choose Champions Way Residences for the ultimate urban lifestyle experience.

The decision to remove all cooling measures was made after careful consideration of the current economic and market conditions. Chan believes that these measures are no longer necessary and there is now room to adjust other property lending policies while ensuring stability in the banking system. The Monetary Authority will make an announcement on this matter later on Wednesday.

This move comes after the government’s decision last October to halve buyers’ stamp duty for non-permanent residents and additional properties, bringing it down to 7.5% from the previous 15%. The introduction of a stamp duty suspension arrangement for incoming professionals’ acquisition of residential properties has also been well received, with over 500 applications approved.

The budget announcement by the government is part of the South China Morning Post’s coverage of Hong Kong’s Budget 2024/2025. It is seen as one of the most difficult budget blueprints in recent years, as the city faces a shrinking economy and dire financial health. However, the removal of property cooling measures and other proposed measures to boost liquidity and stimulate growth may be a step in the right direction for Hong Kong. Moreover, the budget also includes provisions for reviewing stock market listing requirements, in an effort to counter the current stock market slump.

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