Hong Kong’s ‘Orderly’ Home-Price Declines Welcomed by Finance Chief
(Bloomberg) -- Hong Kong’s finance chief welcomed the city’s decline in home prices since August and said that officials have no plans to relax housing market curbs.
“We are glad to see that the property market is correcting orderly,” Financial Secretary Paul Chan said in an interview with Bloomberg TV on the sidelines of the Asian Financial Forum on Monday. “There is no need for us to do anything to sustain the market.”
The finance chief’s comments were the latest case of officials pouring cold water on prospects for any loosening of curbs that include stamp duties and tightened loan-to-value ratios. Prices have fallen 9 percent from an August peak, trimming the cost of the world’s least affordable housing after an almost 15-year bull run.
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