Hong Kong Stock Market Update: MIDLAND HOLDING surged over 12% again, with a 50% increase in the past two trading days. The Hong Kong property market is experiencing a comprehensive cooling trend.
MIDLAND HOLDING surged over 12% again, with a 50% increase in two trading days. As of the time of publication, it rose by 12.64% to HKD 0.98, with a trading volume of HKD 6.41 million. On the news front, on February 28th, the Hong Kong Financial Budget for 2024/25 was announced, with the Financial Secretary of Hong Kong declaring a comprehensive "cooling-off" of the property market. All residential property demand management measures are now revoked, meaning no additional stamp duty (SSD), buyer's stamp duty (BSD), or new residential stamp duty (NRSD) will be required for residential property transactions. The HKMA has also adjusted mortgage measures and suspended stress tests simultaneously. In other words, the property market is entering a "zero cooling-off" era. Dave Ma, the CEO of Hong Kong Property Administration, believes that the comprehensive "cooling-off" will help stabilize market confidence in the property market, release more short-term supply, accelerate property transactions, and expects the property market to "blossom" again in March. It is estimated that around 13,000 new units will be sold in 2024, an increase of about 24% compared to last year; the registration of second-hand residential units is expected to increase by over 30% to 48,000 units, and the transaction volume of both new and second-hand residential properties is expected to exceed 60,000 units.
Zhitong App learned that MIDLAND HOLDING (01200) surged over 12% again, with a 50% increase over the past two trading days. As of the time of publication, it rose by 12.64% to HKD 0.98, with a turnover of HKD 6.41 million.
On the news front, on February 28th, the Hong Kong Financial Secretary unveiled the 2024/25 Budget, announcing a comprehensive "cooling-off" of the property market. Effective immediately, all residential property demand management measures will be revoked, meaning that no additional stamp duty (SSD), buyer's stamp duty (BSD), and new residential stamp duty (NRSD) will be required for all residential property transactions. The HKMA will also adjust mortgage measures and suspend stress tests simultaneously. In other words, the property market is re-entering a "no cooling-off" era.
Dave Ma, the CEO of Hong Kong Property, believes that the comprehensive "cooling-off" will help stabilize market confidence in the property market, release more short-term supply, facilitate faster property transactions, and expects the property market to see a "spring-like" resurgence in March. It is estimated that the sales volume of new properties in 2024 will be around 13,000 units, an increase of about 24% compared to last year; the registration volume of second-hand residential properties is expected to increase by over 30% to 48,000 units, and the transaction volume of both new and second-hand residential properties is expected to exceed 60,000 units.