Financial Secretary Paul Chan today said he is confident that the Government’s adjustment of the maximum loan-to-value ratio for all properties to 70% will be conducive to the healthy and stable development of the Hong Kong property market.
Elaborating on the measure, announced in yesterday’s Policy Address, at a press conference today, Mr Chan said the Government decided on the change after reviewing a whole range of factors.
“About the removal of all the macro-prudential measures, namely the loan-to-value (ratio) ceiling for bank loans, the property market, in terms of pricing, has come down quite a bit since September 2021. The market started to stabilise.
“There would be around 108,000 first-hand units available in the next three to four years in terms of residential properties, so the supply would be enough.
“So given those circumstances, we should not unduly impose measures to suppress the demand or try to prioritise the different demands.
“We have decided to remove all those measures, (while) also taking into consideration that, at the moment, our banking sector is very healthy, very well capitalised.
“We do feel confident (with) removing those restrictions so that we will be able to project a more positive expectation, if I may use that word, about the healthy and stable development of the Hong Kong property market.”
Financial Secretary Paul Chan.
Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million
Hong Kong Customs detected two dangerous drugs cases in Tseung Kwan O and Hong Kong International Airport respectively yesterday (May 21) and today (May 22), and seized a total of about 21.8 kilograms of assorted drugs with a total estimated market value of about $7.95 million. Two men and one woman, aged between 38 and 49, were arrested.
In the first case, Customs officers intercepted a 48-year-old man and a 49-year-old woman in Tseung Kwan O during an anti-narcotics operation yesterday afternoon. About 3.8kg of suspected drugs, including ketamine, methamphetamine, etomidate capsules, psilocybin mushrooms, MDMA and a batch of suspected drug packaging paraphernalia were found in their residence in the same district. They were then arrested.
In the second case, a 38-year-old male passenger arrived in Hong Kong from Amsterdam, the Netherlands, today. During customs clearance, Customs officers found about 18kg of suspected ketamine inside his check-in suitcase and 33 sticks of duty-not-paid cigarette inside his carry-on baggage. The man was subsequently arrested.
The arrested man and woman in the first case have been jointly charged with one count of trafficking in a dangerous drug and one count of possession of apparatus fit and intended for the inhalation of a dangerous drug. The case will be brought up at the Kwun Tong Magistrates' Courts tomorrow (May 23), while an investigation is ongoing for the second case.
Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.
Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.
Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
Under the Dutiable Commodities Ordinance, cigarettes are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.
Members of the public may report any suspected drug trafficking activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million Source: HKSAR Government Press Releases
Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million Source: HKSAR Government Press Releases
