Chief Executive John Lee Ka-chiu speaks to the media ahead of an Executive Council meeting on July 11, 2023. (PHOTO / HKSAR GOVERNMENT)

The New People’s Party on Thursday called on the Hong Kong Special Administrative Region government to set up a Guangdong-Hong Kong-Macao Greater Bay Area high-quality development fund for projects aspiring to extend into the region.

The New People’s Party unveiled the proposals concerning GBA development and aging issues at a media briefing after submitting them to Hong Kong Chief Executive John Lee Ka-chiu

The party also called for measures to boost the birthrate and to attract talent, as the party laid out its wishlist for the city leader’s upcoming Policy Address.

The party unveiled the proposals concerning GBA development and aging issues at a media briefing after submitting them to Hong Kong Chief Executive John Lee Ka-chiu.

The 2023 Policy Address, the second of Lee’s administration and slated to be delivered on Oct 25, will outline the government’s policy agenda for the year ahead. Kicking off public consultations late last month, the government is scheduled to host over 30 such consultations and meet with interested parties to canvass opinions.

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The New People’s Party also suggested enticing skilled professionals to settle and invest in Hong Kong, in part by adjusting stamp duty rates for nonpermanent residents to the same level as permanent residents for their first property purchase.

The party said that if one were to sell a property before acquiring permanent residency, the Buyer’s Stamp Duty payable should be collected when the property changes hands.

Former security secretary Lai Tung-kwok, who is also the party’s executive vice-chairman, highlighted the current downward trend in property prices, which presents an opportune moment for residents with housing needs to enter the market.

He said that despite measures introduced in the previous year’s Policy Address, which allowed eligible individuals to apply for a refund of the Buyer’s Stamp Duty and abolished the stamp duty on new residential properties after seven years of residency, the number of nonlocal buyers is still relatively low. He cited statistics that say that in the first half of 2023, only 387 cases were related to the Buyer’s Stamp Duty.

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In addition to housing-related proposals, the organization advocated for policies to encourage childbirth and the utilization of assisted reproductive technologies.

The party proposed a subsidy of HK$50,000 ($6,390) to women undergoing fertility treatments.

They also called to extend the maximum storage period for eggs, sperm, and embryos to 55 years, up from the current 10 years.

This undated photo shows Regina Ip Lau Suk-yee, chairwoman of the New People's Party. (EDMOND TANG / CHINA DAILY)

New People’s Party Chairwoman Regina Ip Lau Suk-yee expressed her belief that extending the storage period would not significantly increase costs, but would enhance the flexibility in fertility.

Coming up with a vision of making Hong Kong an international food trade center, the party called for measures to facilitate the clearing of goods at the Zhuhai land port.

The measures include implementing a “joint boundary control system system” for cargo clearance, in a bid to make it more convenient for Hong Kong products to enter the Chinese mainland market.

On Wednesday, the city’s statutory advisory body representing the interests of New Territories indigenous residents, the Heung Yee Kuk, submitted 35 suggestions to the city’s leader, calling on him to relax the cooling measures in the property market, such as abolishing the Special Stamp Duty that curbs speculation or the Buyer’s Stamp Duty for nonpermanent residents.

The advisory body’s chairman, Kenneth Lau Ip-keung, said the measures are no longer necessary as the housing market is sluggish.

The group also suggested that the government further streamline the reclaiming of indigenous residents’ ancestral lands to unleash its potential for the development of the Northern Metropolis — a comprehensive mega-township project in the northern New Territories.

In its proposals, local think tank Path of Democracy advised the administration to promote national constitutional education, establish an international commercial court, optimize rehabilitation programs, separate public healthcare and pharmaceutical industries, enhance environmental protection, and improve residents’ mental health conditions.

Lee and his principal officials will attend two Policy Address District Forums — one at the Aldrich Bay Government Primary School in Shau Kei Wan on Sunday, and the other at the Sha Tin Government Secondary School on Aug 27 — to solicit views and suggestions from members of the public and to hold discussions with the participants.