HK plans to lift property supply to cool prices

HONG KONG: The Hong Kong government plans to lift the supply of property in the market to cool home prices, Hong Kong Financial Secretary John Tsang said on Friday, Aug 13.

The property market faces overheating worries, with housing prices rising by 10% since the start of 2010, after gaining about a third last year, driven by record-low interest rates, mainland Chinese buying and Asia's strong economy.

The government has been trying to keep prices from rising too quickly by slapping a higher stamp duty on luxury apartments this year, and pledging to increase supply.

It is also increasing its scrutiny on Hong Kong property developers such as Henderson Land Development, which was investigated by police after announced sales of several units at one of its luxury apartment developments ultimately failed to close. -- Reuters
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