Macau Chief Executive Fernando Chui Sai On has acknowledged that the city’s property prices are “too high” but he ruled out launching immediate measures to tackle the problem.
Chui made the remarks on the sidelines of a reception hosted by the Women’s General Association of Macau (commonly known as Fu Luen) on Friday to mark International Women’s Day.
The chief executive said that at this point there were “no conditions” to immediately change or stop the government’s current property market calming measures, such as amendments to certain tax and mortgage regulations.
Chui also said that the government would look for more plots of land to build more public housing units.
According to official statistics released last week, the city’s average property price per square metre stood at 85,717 patacas in January, a decrease of 11.1 percent on the previous month. However, the price was up two percent compared to January 2014.
Meanwhile, the Lands, Public Works and Transport Bureau (DSSOPT) said in a statement on Sunday that 122 private property projects which were completed or were under construction in the fourth quarter of last year would create 15,600 homes.