HONG KONG (Reuters) -Hong Kong on Wednesday announced major measures to bolster its flagging real estate market by scrapping all tightening measures for residential properties, aimed at helping the city's economy which is expected to grow at a tepid 2.5%-3.5% this year. The financial hub will cancel all additional stamp duties on transactions and waive stamp duties payable on the transfer of REIT units, Hong Kong Financial Secretary Paul Chan told lawmakers in his annual budget. Noting challenges including high interest rates, a complex geopolitical environment as well as ballooning recent budget deficits, Chan announced a mix of measures spanning property, tourism and financial services to lure back capital, businesses and visitors to the city, as well as restore fiscal balance.
In a carpet mill in Weihai, Shandong province, looms and other machines are working long hours to fill a lengthy list of orders, rolling out 4-meter-wide Axminster carpet in a variety of colors and patterns.