HK Policy Address and Inaugural 5-Year Plan: Emphasis in Northern Metropolis development and long-term housing supply. No significant stimulus as expected.

On Sept 16th, the Chief Executive of Hong Kong announced the 2026 Policy Address together with the inaugural HK Five-Year Plan (2026-30). The policy direction aims to enhance HK's long-term global competitiveness via the "Four Centers and One Hub" strategy, deepen integration with the Greater Bay Area, accelerate Northern Metropolis (NM) development, and improve local livelihood. New property-related policies were rather limited. On the demand side, measures to encourage childbirth include extending the HK$20k Newborn Baby Bonus (raising it to HK$30k for a second or subsequent child), a stamp duty reduction of up to HK$20k for eligible families buying new homes, higher child allowances, and raising the maximum mortgage LTV to 95% (from 90%) for White Form family applicants with newborns. On the supply side, the government reiterates c.2,500 hectares of "spade-ready" sites over the next 10 years, with c.1,400 hectares delivered in the next 5 years including 900 hectares in the Northern