The Macau government has proposed today to axe all cooling measures for the property market, aiming to give a quick boost to the special administrative region's struggling property market.
Government officials announced the proposed law at a press conference by the Executive Council this afternoon. All government bills must be discussed by the council, the government's top advisory body, before they can be submitted to the Legislative Assembly (AL) for debate and vote. The council, which is headed by Chief Executive Ho Iat Seng, has completed its discussion of the bill, Secretary for Administration and Justice Andre Cheong Weng Chon said at the press conference. Cheong is the council's spokesman.
Cheong said that the bill proposes, among other things, to waive a 10 percent stamp duty on buying a third property, while non-local real-estate investors would no longer be forced to pay an additional 10 percent stamp duty.
Financial Services Bureau (DSF) Director Iong Kong Leong said at the press conference held at Government Headquarters the bill aimed to "stimulate" Macau's weak property market.
Cheong said the government would pass the bill to the legislature through an "urgent" procedure so that lawmakers could debate and vote on its as soon as possible.
