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 in conjunction with the inaugural HK's Five-Year Plan (2026-30). Overall, the government's policy direction aims to (1) enhance HK's long-term competitiveness globally through the "Four Centres and One Hub" strategy; (2) deepen its integration with the rest of the Greater Bay Area and serve the overall national development; (3) accelerate the development of Northern Metropolis; and (4) improve the well-being of local people under the One Country, Two Systems regime. New policies directed at the property-related industry was rather limited, and can be grouped under three key areas. On the demand side, bonus, tax incentives and mortgage easing measures for families with newborn babies, meant to promote fertility given the low birth rate in HK. On the supply side, reiteration of the previously stated medium-to-long term housing supply targets, with c.2,500 hectares of "spade-ready sites" to be prepared over t