Economic growth in Q3 slower than expected: FS

Financial Secretary Paul Chan on Sunday said economic growth in the third quarter is estimated to have been slower than originally expected, because of headwinds from the external environment.

On his blog, Chan said the economy started rebounding at the beginning of the year, but the city will continue to encounter pressure arising from escalating geopolitical tensions.

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On a Commercial Radio programme, meanwhile, Chan said it should be left for the market to decide the price of housing, as long as price swings don’t put financial stability at risk.

Last week, the government partially rolled back measures to cool the property market, including by halving Buyer’s Stamp Duty and New Residential Stamp Duty, from 15 percent to 7.5 percent.

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Chan noted that home prices have fallen by 17 percent in the past two years, saying this is not necessarily a bad thing.

“The home prices have undergone a gradual adjustment by receding from their peak, which makes it easier for young people to have better living conditions and to start families,” he said.

“But we understand that current housing prices are still expensive and unaffordable for most of the people. So, it is important to increase the supply of subsidised housing.”

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