HONG KONG’S newish chief executive, Leung Chun-ying, came into power making several bold promises. He vowed to take on oligopolistic land tycoons, stem the tide of mainland money distorting local markets, and implement bold policies that would make homes in the territory more affordable.

Mr Leung last month announced property-transaction taxes on non-residents and speculators designed to do all three things at once. On October 26th Hong Kong imposed a buyers’ stamp duty of 15% on non-locals (read: mainland Chinese). An existing tax designed to curb speculation was also stiffened.