Monday, June 20, 2011

Analyst: Hong Kong Prices to Fall 15% by End of Year

Hong Kong Home Prices to Fall Up to 15%, Walter Kwok Says
Government officials including Chief Executive Donald Tsang have warned of an asset bubble in the Chinese city, where home prices have surged more than 70 percent since the beginning of 2009. In the most recent measures to curb prices, announced on June 10, the government raised up-front payments for properties costing more than HK$6 million ($770,000) and required borrowers whose income is primarily from outside Hong Kong to deposit an extra 10 percent when they buy properties unless they can demonstrate a “close connection” to the city.

No comments: