Real estate reforms key challenge for new HK chief

Hong Kong

FEW bigger challenges loom for Hong Kong's new Chief Executive Carrie Lam than bringing down real estate prices in the city, the world's least affordable.

Increasing the supply of available land may take time, so she could start with removing property curbs. They've done little to tame soaring prices and in fact have worked to create ever tinier apartments.

Last November, the government did away with a sliding rule on stamp duty, meaning people who weren't first-time home buyers now have to pay 15 per cent tax, while foreign purchasers are charged 30 per cent. That came on top of already strict b…