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Hong Kong will act
Source: Bloomberg News |
December 9, 2011, Friday
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Print Edition
Print Edition
HONG Kong will ease some of its property-cooling measures if home prices extend their decline amid Europe's worsening credit crisis and a global economic slowdown, the city's financial secretary has said.
Housing prices are "slowly coming down," and that "will continue for a bit and hopefully we will be able to achieve a soft landing," John Tsang, Hong Kong's top financial official, said in an interview in Johannesburg. "When the environment trends downwards, we will surely take countercyclical measures to deal with that."
The city imposed additional taxes last year and curbed access to mortgages four times since 2009 after prices jumped 70 percent, backed by record-low interest rates and an influx of wealthy Chinese mainland buyers.
Housing prices are "slowly coming down," and that "will continue for a bit and hopefully we will be able to achieve a soft landing," John Tsang, Hong Kong's top financial official, said in an interview in Johannesburg. "When the environment trends downwards, we will surely take countercyclical measures to deal with that."
The city imposed additional taxes last year and curbed access to mortgages four times since 2009 after prices jumped 70 percent, backed by record-low interest rates and an influx of wealthy Chinese mainland buyers.
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