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(Bloomberg) — Hong Kong’s leader will focus on the economy and livelihood issues in his policy address on Wednesday, including a potential plan to speed up the development of a cross-border tech hub with China.
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Chief Executive John Lee will deliver the speech at the Legislative Council at 11 a.m. He highlighted continuity of his policy plan at a regular press briefing on Tuesday, with the theme being “Deepening Reform, Focusing on People’s Livelihoods, Leveraging Our Strengths, and Creating a Better Future.”
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The Asian financial hub’s economy has shown tentative signs of recovery in recent months, although China’s slowdown and geopolitical uncertainties continue to cast a cloud on Hong Kong’s growth outlook.
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Lee’s fourth policy address will outline measures to accelerate the so-called Northern Metropolis including easing financing restrictions, state-owned media Wen Wei Po reported. The government intends to attract companies in industries such as artificial intelligence, renewable energy and medical technology to anchor the new district, the report said, citing unidentified sources.
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The property industry proposed measures to boost the real estate market, but initiatives discussed such as easing capital flows for mainland buyers or cutting property taxes aren’t on the agenda, according to the newspaper Sing Tao.
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Instead, the administration may revive the long-dormant Tenants Purchase Scheme, which allows public housing residents to buy their flats at discounted prices, RTHK reported. First launched in 1998, the program could help more locals climb the property ladder.
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A reported plan to relax the quota for non-local college students could boost demand for apartments, according to Bloomberg Intelligence’s Patrick Wong.
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Absent bold new measures, Hong Kong’s housing market is likely to remain under pressure, with home values hovering near their lowest since 2016. The US Federal Reserve’s expected interest-rate cut this week may provide some relief, although the pace of further reduction remains unpredictable.
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