Chan Ka-keung: Government will take action should property speculation recur

Posted: Aug 13 2014Last Updated: Jul 14 2017
Ceajer Chan Ka-keung13 August 2014 - Commenting on the Hong Kong property market's recent increase in transactions, the Secretary for Financial Services and the Treasury, Ceajer Chan Ka-keung, yesterday expressed in a media luncheon that the risk of correction in the property market is much more obvious than 2 years ago. The Government will closely monitor the status and action will be taken should property speculation recur.
An analyst commented that recent US economic data showed signs of improvement in its economy, meaning interest rates will possibly be adjusted in the first half of next year. He predicted that when interest rates start to rise, for every 1% increase in interest rates, the housing affordability ratio will shift up 12%.
Given that supply cannot be increased in the short term, it is believed that the next round of cooling measures will take place when the market becomes irrational again.
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