Financial Secretary Paul Chan delivered Hong Kong's 2024-25 budget, projecting a deficit of HK$48.1 billion and lifting demand-side property cooling measures in a bid to revive the housing market.
The budget removed extra stamp duties on residential transactions, including the buyer's stamp duty and the new residential stamp duty, in what officials described as a return to a "normal" property market regime.
Mr Chan announced HK$1 billion to support tourism recovery and additional spending on innovation and technology, while emphasising fiscal discipline through public-sector austerity measures.
The city's reserves are projected to fall further before stabilising in the medium term, with consolidated revenue weighed down by lower-than-expected land sales.