Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region Government, stated that the Hong Kong SAR Government and the Securities and Futures Commission will continue to promote the development of the REIT market. In addition to working to include REITs in the Stock Connect program as soon as possible, the Hong Kong SAR Government will submit a draft amendment to the relevant regulations within the year to facilitate the privatization or restructuring of REITs. In addition, the Hong Kong SAR Government will exempt REITs preparing for an initial public offering from stamp duty on the transfer of non-residential properties, with a draft amendment to the relevant regulations expected to be submitted in the first half of next year.