Significant Real Estate Announcements Across Asia

Hong Kong Removes Property Cooling Measures To Boost The Residential

• Removal of all property cooling measures to revive Hong Kong’s housing market wef 28 Feb 2024

• Hong Kong Monetary Authority eased mortgage rules and allow homebuyers to purchase properties with smaller downpayment

• Following the removal of cooling measures, the HK property market reported a surge in sales in resale and new home markets

• Belgravia Place, a new home development, sold all its 138 units in 4 hours

China Orders Cities To Draft Housing Development Plans To 2030 To Steady Market

• China’s Ministry of Housing and Urban-Rural Development ordered all cities to create real estate development plans for this year and next, and draft blueprints through 2030.

• Cities must make public this year's plans by April 30 and next year's by March 31, 2025

• Government's concern about the downturn in the housing market, and is expected to roll out various policy tools over the next two years to support the property market