Financial Secretary of Hong Kong Paul Chan announced the immediate cancellation of all extra stamp duty measures for residential properties, known as "spicy" measures, included the Special Stamp Duty (SSD), Buyer's Stamp Duty (BSD), and New Residential Stamp Duty (NRSD), concluding 13 years of "spicy" measures history. "We consider that the relevant measures are no longer necessary amidst the current economic and market conditions." [mfn]orginal speech given in Cantonese, quote from English transcript.[/mfn]Chan said. The 'Spicy' measures were reduced four months earlier, on Oct. 25. The applicable period of the SSD was shortened from three years to two years, and the BSD and NRSD were halved. A stamp duty suspension arrangement was also introduced. However, that didn't stop the continuous drop in residential property prices. According to the data from Rating and Valuation Department, the price index has recorded a continuous drop for nine months since May 2023. This includes a 5% drop since October 2023, when the first reduction in the 'Spicy' measures was implemented. The current (last month) price index for private residential…