Property news roundup: Hong Kong relaxes property measures and other headlines

For PropertyGuru’s real estate news roundup, Hong Kong scraps all tightening measures for residential properties. In other property news, Beijing bounces back with an increase in transactions for second-hand housing, and Indonesia’s new capital will have green and smart buildings for its state flats.

Hong Kong scraps property tightening measures to aid economic recovery

Hong Kong on Wednesday announced major measures to bolster its flagging real estate market by scrapping all tightening measures for residential properties, aimed at helping the city’s economy to grow beyond the expected tepid 2.5 to 3.5 percent this year.

As reported in The Star, the financial hub will cancel all additional stamp duties on transactions and waive stamp duties payable on the transfer of REIT units, Hong Kong Financial Secretary Paul Chan told lawmakers in his annual budget.

Noting challenges that include high interest rates, a complex geopolitical environment, and recent ballooning budget deficits, Chan announced several measures spanning property, tourism, and financial services to lure back capital, businesses, and visitors to the city to restore fiscal balance.

Second-hand housing transaction rebounds in Beijing

The transaction volume of second-hand housing in Beijing rebounded with expanded bargaining space month-on-month after the Spring Festival holiday, China Daily reported.

In the eighth week of 2024, which lasted from 19th to 25th February, the second-hand residential housing transactions in 12 cities all rebounded from the previous week among the key monitored cities, according to data from Zhuge Real Estate Data Research Center.

Beijing led the increase the second-hand residential housing transactions reaching 1,831 sets within that week, up more than 1,700 sets from the previous week.

Ministry applies green building concept for Indonesia’s IKN state flats

The Public Works and Public Housing Ministry is applying the concepts of green and smart buildings in the development process of flats dedicated to civil servants and security officers in the new capital (IKN) Nusantara.

“These residences are designed with the green building concept. They are all equipped with complete facilities and furniture for the comfort of the state apparatus,” the ministry’s Director General of Housing, Iwan Suprijanto, stated in Jakarta on 1st March.

According to Antara News, Suprijanto further noted that the government is also implementing the concept of smart buildings by equipping the flats with the latest technology to reduce the effects of greenhouse gases.

The Property Report editors wrote this article. For more information, email: [email protected].