Hong Kong lifts curbs on property market, to spend more on tourism

By ZEN SOO
AP Business Writer

HONG KONG (AP) — Hong Kong’s government is lifting some curbs on property deals after home prices fell to a seven-year low. Finance minister Paul Chan announced the move in a speech Wednesday presenting the territory’s budget, which also raised spending on tourism promotion. Chan said all curbs imposed earlier to cool the property market would be lifted with immediate effect. Home prices have fallen for nine consecutive months and share prices have languished as a tightening of freedoms in the semi-autonomous Chinese city has rattled investors. Hong Kong’s tourism has not fully rebounded after it reopened to travel following the COVID-19 pandemic.