Hong Kong may impose more curbs on non-local homebuyers

If current measures no longer have an impact then government may adopt other policies to address severe housing shortage, chief executive tells lawmakers

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Carrie Lam attends the chief executive's question and answer session at the Legislative Council. Photo: K.Y. Cheng

Published: 6:00pm, 12 Jul 2018Updated: 10:56pm, 12 Jul 2018

Tighter restrictions may be imposed on non-local homebuyers if necessary to rein in runaway property prices even as Hong Kong maintains its open-door policy on mainland Chinese migrants, Chief Executive Carrie Lam Cheng Yuet-ngor said on Thursday.

Questioned at the Legislative Council on why the government was allowing an “influx” of migrants from across the border while home prices remained above the reach of most local residents, the city’s leader said she was open to new measures to improve the severe housing shortage, but refused to elaborate.

She said she did not want her remarks to trigger a reaction in the property market, where resale prices for private flats have risen for 26 straight months as of June.

Hong Kong is experiencing a severe property crunch. Photo: Philip Fong

“Both the financial secretary [Paul Chan Mo-po] and I have already said that we could and would study the option of further limiting non-locals from purchasing private properties in Hong Kong,” Lam said.

“If the [current] property cooling measures … can no longer bring any impact, is it possible for us to adopt other policies and measures under the severe housing shortage?”