Hong Kong - Arabstoday
Hong Kong\'s government may take more measures to curb property-price gains in the city as \"risks\" are rising, Financial Secretary John Tsang said. \"The current market situation is abnormal,\" Tsang wrote in his official blog yesterday. \"It is difficult to predict the outlook of the property market but one thing for sure is that risks are increasing continuously,\" he said. \"We have no hesitation to increase the intensity of measures if necessary.\" Senior government officials have in the past year warned of an asset bubble in the Chinese city, where home prices have surged more than 70 per cent since the start of 2009 on record low interest rates and an influx of buyers from other parts of China. Since late 2009, the government has raised minimum down payments for mortgage borrowers, increased land supply and imposed additional transaction taxes to curb real estate value. \"The government measures were not intended to bring down the property market,\" Tsang said. \"I am aware of some public concerns that the property market may soon enter a downward cycle and that more drastic measures may lead to a hard landing.\" Hong Kong\'s \"soaring\" real-estate market may be at risk of a \"sharp correction,\" Standard & Poor\'s said on June 15. The city\'s Chief Executive Donald Tsang said on June 17 home prices are \"quite frightening\'\' as China\'s growing wealth fuels increases of 2 per cent a month. Tsang also said the government may introduce more measures to slow the property market. From / Gulf News