Patrick Nip apologizes for family's home purchase before Policy AddressLocal | 20 Oct 2019 4:45 pm
Secretary for Constitutional and Mainland Affairs Patrick Nip Tak-kuen has apologized for his family buying two off-plan properties before announcement of the Policy Address, saying it caused misunderstanding and negative public perceptions.
This came after media reports revealing that Nip's family bought two properties one month before the Chief Executive Carrie Lam Cheng Yuet-ngor annoucned to rise the maximum loan-to-value (LTV) ratio in Policy Address last Wednesday, a measure that may push up property prices.
In a Facebook post,, Nip said he did not take part in discussing or formulating the government's housing policy, and did not benefit from the measures.
He also said he did not involve in the decisions to purchase the properties and his family fully owns the properties.
“However, I understand that this incident may cause misunderstanding and negative perceptions in the public. I feel deeply sorry about that and I would be more cautious in the future.”