Date
23 July 2017
Heightened risks in the real estate market are forcing the government to keep property curbs in place. Photo: CNSA
Heightened risks in the real estate market are forcing the government to keep property curbs in place. Photo: CNSA

Property curbs not going anytime soon, says Tsang

Property curbs will not be lifted anytime soon because of heightened risks in the real estate market.

Financial Secretary John Tsang made this clear Wednesday in his annual budget.

Homeowners should pay attention to the impact of rising interest rates on their mortgages, the Hong Kong Economic Journal reports.

Despite a 9 percent fall in residential prices in January, the fourth consecutive month of declines, Tsang signaled the restrictions will stand.

Market players expect the government to set a time frame for lifting the curbs in accordance with economic conditions.

The government might ease the policy if the downtrend in property prices continues to a seventh or eighth month, Thomas Lam, general manager of sales of Henderson Land Development Co. Ltd., said.

Meanwhile, Midland Realty chief executive Sammy Po called more transparency in the real estate policy and a time table for the removal of restrictions.

Other market participants want the government to lower the cap on mortgage ratio and cancel some regulations on property sales.

[Chinese version 中文版]

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