The fiscal budget to be announced on February 28 is much anticipated, and the property industry eagerly hopes that the Financial Secretary will announce to withdraw all the spicy measures in response to social demands. The business community is concerned and believes that the complete withdrawal of spicy measures will halt the property price to fall immediately and resume its upward trajectory.
Last October, the Chief Executive declared that he would make a modification of the spicy measures in his policy speech. Several 
months later, the partial change of measures had been proven to be ineffective to prevent the property market from a hard landing. Therefore, even if the government announces to withdraw the spicy measures completely in the fiscal budget, it still be difficult to turn the property market back from a bear market to a bull market and enjoy a rising market one decade more.
Since the announcement of minor changes of spicy measures in the Chief Executive’s policy address last October, property prices have been falling constantly and to there is no slight rebound at all. Until last month of this year, second-hand property prices fell by more than 5% across the board, the transaction records were switched from emigrants listing properties to long-term property owners’ premises. Most of the asking prices of these listing premises were 8% to 10% lower than the bank valuation. Finally, the lower listing prices caused transaction prices to decrease rapidly.
The land registry's transaction records have a time lag to reflect the current property market. The government officials are hard to grasp the property market movement in reference to these outdated data. That is why the officials are numb to respond to the concerns of the industry. Therefore, officials do not think it is urgent to remove the spicy measures thoroughly.
As the fundamental factors of the current property market have been deteriorating, it will be difficult to reverse the current situation back to the bull market from a bear market. If the government really withdraws all measures, the real estate industry may take advantage of the policy changes and attempt to make big push sale. Consequently, the property transactions may increase slightly, but the property prices will not bounce back again. The situation is similar to the short-term edging up between May and June last year.
As a property seller, you must seize the opportunity to sell your premises during this rebound period. As a buyer, you must not enter the market by raising your offer. Please note that it is not worth purchasing any premises which its annual percentage yield is not lower than 4%.
Self-users must not purchase a flat with a 10% down payment only. Investors should not invest in the market with a short-sighted strategy. If you buy a unit, you must prepare to hold it for a long time.
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