At least four people, including a firefighter, died while three others were injured in Hong Kong on Wednesday when a major fire broke out at a housing estate.

Two of the injured are in critical condition, while the third is stable, according to the fire department, the Hong Kong Free Press reported.

Flames quickly spread across bamboo scaffolding at the estate to at least three blocks of it in the Tai Po neighborhood in the afternoon, according to the South China Morning Post.

The estate, called Wang Fuk Court, has eight blocks and more than 1,900 flats.

Earlier, the fire department raised the fire alarm to the second-highest level, No. 4.

Several other people were reported to be trapped.

Photos and videos circulating on social media showed thick smoke billowing into the sky as fire engulfed a building and firefighters worked to bring the blaze under control.

Rescue operations are continuing.

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PROPERTY prices in Asia’s major markets are expected to rise over the next year with Hong Kong leading the projected gains, according to Bloomberg Intelligence (BI).

Beyond Hong Kong, homes in Singapore, Australia and Japan will all become more expensive in 2025, a report from BI found. For Hong Kong, the numbers reverse a years-long decline in home prices. Values are likely to climb as much as 10 per cent, according to analysts including Ken Foong. Australia’s residential prices will gain between 7 per cent and 8 per cent, while Singapore and Japan are expected to record modest growth of 3 per cent and 2 per cent, respectively.

Interest rate cuts and supportive economic policies are lifting Hong Kong’s property prices, which slumped almost 30 per cent since peaking in 2019. The city-state’s government recently relaxed its mortgage rules to allow lower down payments, a move that should encourage more buyers to enter the market.

Australia’s uptick is driven by Perth and Brisbane. Gains of 15 per cent and 10 per cent are anticipated after already rapid rises this year. Property in Sydney will see only a 5 per cent increase, because the average households remain priced out, BI said.

After a drop in the third quarter of this year, prices in Singapore should rise as interest rates fall. Housing demand will continue to be supported by inflation-hedging power, healthy household balance sheets, cheaper interest rates and the demand from public home owners upgrading to private apartments. However, selective buyers, macroeconomic uncertainty, more property launches and unsold inventory may limit further growth, BI’s analysts wrote.

Meanwhile, potential inflationary pressure in Japan could underpin a further climb in home prices in major cities including Tokyo and Osaka.

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The surprise move aims to breathe new life into the city’s real estate sector, which has seen home prices tumble 20% from their peak in 2021. The weak property market has weighed heavily on Hong Kong’s economic outlook.

Stamp Duties Eliminated to Spur Housing Demand

Chan said the property tightening policies, implemented over the past decade to cool surging home prices, are “no longer necessary amidst the current economic and market conditions.”

He stated that the abolition of the stamp duties is effective immediately and includes 15% extra stamp duty on non-resident buyers, 7.5% additional stamp duty on local residents buying second or subsequent homes and extra stamp duties on sellers who “flip” homes within two years

Analysts say eliminating these punitive taxes could help boost housing demand and transactions. But the impact may be limited unless paired with other incentives, given that previous easing last October only led to a modest uptick in sales. 

Mortgage Rules Relaxed to Aid Homebuyers

In tandem with the budget announcement, the Hong Kong Monetary Authority (HKMA) also adjusted mortgage rules to help prospective homebuyers. 

Key changes include suspending stress tests that required borrowers to have income to cover potential rate hikes. The HKMA also allowed higher loan-to-value ratios, enabling buyers to purchase more expensive homes with smaller down payments.

Real Estate Firms, Tourism to Benefit

 Shares of property developers jumped on the news, with the Hang Seng Properties Index rising nearly 3% while shares of individual firms like New World Development surged over 8%.

Analysts say the property market incentives, along with HK$1 billion ($128 million) in new tourism promotion funds announced in the budget, will also benefit travel-related sectors.

Initiatives to Boost Tourism, Events

Chan, early  this morning, revealed specific tourism-boosting initiatives that included hosting 80 “mega-events” in H1 2023, monthly fireworks and drone show over Victoria Harbour and promoting “multi-destination tourism” with mainland China cities

The government hopes these and other efforts will revive Hong Kong’s crucial tourism industry, which has suffered from reduced visitors from mainland China.

Budget Deficits Remain While 2024 Growth Forecast Modest

While eliminating property curbs aims to energize the economy, Chan acknowledged that Hong Kong still faces significant fiscal and economic headwinds. 

With the city’s budget deficit hitting HK$122.3 billion last fiscal year, it remains substantial for 2023-24 at HK$101.6 billion. Chan vowed to “restore fiscal balance” but did not give a specific target date. Hong Kong’s GDP grew to a tepid 3.2% in 2023, and Chan forecasts full-year 2024 growth at just 2.5-3.5% amid global economic uncertainty.

However, the surprise scrapping of property cooling measures signals the government’s determination to reignite the city’s housing market and wider economy after a prolonged downturn. Analysts say the moves could stabilize home prices and transaction volumes while boosting property firms and tourism-reliant sectors.

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