HK property curbs to have quicker effect: official  

香港楼市调控措施实施首日 买家观望态度浓

香港特区政府26日推出新一轮楼市调控措施，27日生效后，买家多持观望态度。特区发展局局长陈茂波27日说，当局将按原计划继续推“港人港地”。

Hong Kong (CNS) -- On the same day that new property taxes went into effect in Hong Kong, a local official said the government would not change the "Hong Kong land for Hong Kong people" policy.

The government on Saturday raised a resale tax on property and introduced a stamp duty for non-local buyers in an effort to curb short-term speculation.

Hong Kong's Secretary for Development Paul Chan Mo-po said the curbs would have a quicker effect than the "HK land for HK people" policy.

Chan said the two land parcels included in the policy would be sold in the first quarter of 2013 according to the previous plan, but it would take several years to take effect. Property bubbles are forming, so immediate measures should be implemented, he added.

A building that recently went up for sale in Yuen Long, an area located in northwest Hong Kong, saw fewer visitors Saturday. Some local residents said they would not buy houses at this time, as more serious measures may be to come.

Chung Kim-wah, assistant professor of the Department of Applied Social Sciences at Hong Kong Polytechnic University, said the curbs protect the demands of local residents and will restrict the roaring property prices in Hong Kong.