Housing chief insists property curbs are still necessary

To reduce the risk of an asset bubble.

In a report, Secretary for Transport & Housing Prof Anthony Cheung says demand management measures introduced last October and this February are still needed, to stabilise the property market and reduce the risk of an asset bubble.

Speaking to the media today, Prof Cheung said the measures also prevent turbulence in the market that could affect macro-economic and financial stability.\

“The Government's position is very clear – we are going to stand firm on those measures,” he said.

Prof Cheung said some lawmakers in the Legislative Council Bills Committee have suggested modification or exemptions.

He urged caution on such changes, as they could negate the whole purpose of the bills.

On subdivided units, Prof Cheung said the feasibility of a licensing or registration scheme is included in the Steering Committee on Long Term Housing Strategy consultation document.

Some committee members advocate firm measures to safeguard building or structural safety, he said, while other members are concerned about the side effects of licensing. The Government will listen to views from the community.