Hong Kong budget 2024-25: finance chief set to remove some cooling measures to revive ailing property market
- Insiders hint ‘only some measures might be lifted’ while analysts say home prices will not soar much even if all the cooling measures removed.
- Another top item on minister’s agenda will be to attract more visitors by allocating HK$971 million to Tourism Board over coming three financial years
Hong Kong’s finance chief Paul Chan Mo-po is set to remove some cooling measures to revive the city’s ailing property market when he unveils on Wednesday a budget seen as his most challenging spending blueprint yet amid economic uncertainty and a record deficit.
Another big ticket item on his agenda will be to redouble efforts to attract more visitors by allocating HK$971 million (US$124 million) to the Tourism Board over the coming three financial years.
The largest chunk of that figure, some HK$665 million, will be disbursed this year to the sector, which made up 4.5 per cent of the city’s gross domestic product before the pandemic.
Over the three-year period, HK$304 million will be reserved for mega events, while another HK$389 million will go towards enriching the city’s ambience with a redesign of the multimedia show “A Symphony of Light” that currently takes place nightly along the city’s harbourfront.
Ahead of the revamp, a source said there would be drone shows and fireworks every month to jazz up the show. The fireworks will cost HK$1 million each time.
