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SQESalespersons Qualifying Examination✓EAQEEstate Agents Qualifying ExaminationMs Lo, an estate agent, lists four events for a market briefing. Which one is an INTERNAL factor affecting Hong Kong property prices?
Answer: A HKSAR Government change to stamp duty measures. Why not the others: - A US rate cut: It is external, though it reaches Hong Kong through the linked exchange rate and local interest rates. - An oil price shock: A global, external factor. - Overseas quantitative easing: External; it can push capital into Hong Kong property. Rule: Internal factors include Hong Kong's economic cycle and the HKSAR Government's housing policies and property market measures, such as stamp duty measures (introduced from 2010 and withdrawn for instruments executed on or after 28 Feb 2024); external factors include world economic and political conditions and overseas monetary policy. Source: EAA, A Study Guide to Estate Agency Law and Practice, Part 1, para 1; IRD, stamp duty measures; as at Oct 2026
Treating overseas monetary policy as an internal factor because its effects are felt locally.
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