Wednesday, April 11, 2012

Tsang highly concerned about HK property price bubble

Hong Kong Financial Secretary John Tsang is “highly concerned” about the risk of a property price bubble, as low interest rates in the market continue.
However, he said he is ready to interfere if there are signs of overheating in the Hong Kong property market, and urged buyers not to “blindly” follow the market trend.

Meanwhile, home prices in the city-state jumped over 70 percent between 2009 and mid-2011, attributed to an influx of mainland Chinese buyers and the record low mortgage environment.

Furthermore, based on the index compiled by Centaline Property Agency Ltd, property prices increased almost four percent this year, after dropping five percent in the H2 2011.

Tsang said that buyers should not believe property prices will only increase and never decline. He noted that the government is committed to increase land supply and will continue to implement measures to maintain stable prices.

View the original article here

Source From Property Guru

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