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Passage of Stamp Duty (Amendment) Bill 2012

After a prolonged legislative process, the Stamp Duty (Amendment) Bill 2012 was finally passed by a vote of 30 to six with six abstentions at its Third Reading at the Legislative Council this afternoon. The Special Administrative Region (SAR) Government is deeply grateful to the Legislative Councillors for their efforts and to members of the community for their support. The passage of the Bill carries great significance in suppressing property prices through demand-side management.

The SAR Government will continue to do its best to increase the supply of land for the development of various types of housing units while closely monitoring the property market, with a view to solving the problem of undersupply of housing at its root.

I must also thank my colleagues in the departments concerned, who have been working very hard for a long time for the passage of the Bill. With full commitment and conviction, the SAR Government will spare no effort to enable the grass roots to move into public housing and the middle class to buy homes.

February 22, 2014