Hong Kong finance chief says no possibility of keen adjustments to property prices

  • Money
  • September 22, 2022
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HONG KONG, Sept 22 (Reuters) – Hong Kong’s finance chief acknowledged on Thursday he doesn’t watch a keen possibility to the metropolis’s precise estate market nor a want to alter property assist watch over measures, because the monetary hub braces for more interest price hikes.

Finance Secretary Paul Chan became speaking after the Hong Kong Monetary Authority raised its unpleasant price charged through the in a single day lower tag window by 75 foundation aspects to three.5%, its absolute best since October 2008, following the identical budge by the U.S. Federal Reserve. be taught more

Chan acknowledged that while home prices in Hong Kong bask in dropped shut to over 6% in the first eight months as rising rates anguish sentiment, the property market relies on many components including employment and the compensation technique of homeowners.

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“I don’t keep in mind there is a possibility of a keen adjustment,” he acknowledged. “The market transactions are low, but there’ll not be any want to alter assist watch over measures.”

Most modern measures comprise designate responsibilities on non-Hong Kong voters and second homebuyers.

Hong Kong banks, which bask in lagged their U.S. equivalents in elevating rates in contemporary months, are anticipated to extend their most inviting lending price as soon as Thursday, the first extend since 2018.

Legitimate recordsdata confirmed Hong Kong personal home prices in July dropped to the lowest since February 2020, as homebuyers turned more bearish attributable to rising interest rates and an perilous outlook.

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Reporting By Clare Jim and Donny Kwok; Improving by Anne Marie Roantree, Christian Schmollinger and Kim Coghill

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