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Tuesday, November 3, 2015, 19:00

'Spicy' property measures to continue: CE

By Xinhua

HONG KONG - The "spicy" measures introduced earlier by the Hong Kong Special Administrative Region (HKSAR) government to stabilize the property market will continue, Chief Executive Leung Chun-ying said on Tuesday.

Leung said the HKSAR government's efforts to increase land supply and manage housing demand are beginning to bear fruit, as quarterly data shows the projected supply of private homes has been raised to a record high of 86,000 for the coming three to four years.

"A few years ago, the HKSAR government began implementing spicy measures to suppress demand for flats by speculators and investors and it will continue to implement these measures," he said before attending the weekly meeting of the Executive Council.

Leung also said the public housing supply is on the rise, but the HKSAR government faces challenges reaching the long-term supply target.

He called on local residents to support more public housing construction.

The SAR's Land Registry said on Tuesday that it recorded 4,491 sale and purchase agreements for all building units in October, down 17.9 percent on September and 43.6 percent year-on-year.

The 12-month moving average for October was 6,680, which was 4.2 percent below the 12-month moving average for September.

The total consideration for sale and purchase agreements in October was HK$35.9 billion (about US$4.6 billion), down 13.2 percent on September and 47.7 percent year-on-year.

Among the sale and purchase agreements, 3,300 were for residential units, down 22.6 percent on the previous month and 46.7 percent compared with October 2014.

The total consideration for residential units was HK$22.5 billion, down 32.8 percent compared with September, and 54.7 percent less than October 2014.

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