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Hong Kong details economic blueprint

Oct 16, 2024, 6:33pm EDT
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The News

Hong Kong’s leader pledged Wednesday to ease mortgage rules and slash the liquor import tax in an effort to revive the financial hub’s economy. Sluggish retail spending and an exodus of capital have slowed Hong Kong’s post-pandemic economic comeback, and Chief Executive John Lee used his annual policy address to say the city must “embrace changes.”

He also announced measures to woo rich immigrants to buy property, and proposed tourism plans centered around yachting, pandas, and horse racing. The mortgage policy relaxation comes as China’s property stocks rallied on speculation that the country’s housing minister could announce plans Thursday to boost the mainland’s slumping property sector.

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