Transcript of SDEV's media session on measures to address the overheated property market

Following is the transcript of remarks by the Secretary for Development, Mr Paul Chan, today (October 27) after attending a radio programme:

Reporter: There is some concern that following the property measures some people may be diverted to commercial and industrial buildings ... How do you see these measures, and how would you ...?

Secretary for Development: We have considered that scenario, meaning that after these measures, speculative money will move to other sectors of the property market. We will monitor the situation very carefully. If necessary, we will introduce measures.

Reporter: What sort of measures? What will happen if that pushes up the prices?

Secretary for Development: We have given this due consideration and there are measures that we have stored up.

Reporter: There are reports that more than a hundred buyers last night are trying to ... in Yuen Long. To what extent that the measures ... will bring on such activities?

Secretary for Development: Well, the very fact that these people rushing to buy properties before the deadline to me indicates that these measures are really aiming at them and they feel this is effective and this is a deterrent to those who may want to speculate in our property market.

(Please also refer to the Chinese portion of the transcript)

Ends/Saturday, October 27, 2012
Issued at HKT 12:46