HK market sets new record despite moves to tame price

Hong Kong

HONG KONG'S property market is setting new records, quashing attempts by the city's leaders to tame surging home prices.

Existing home prices reached an all-time high in the week ended Feb 19, according to the Centaline Property Centa-City Leading Index, which tracks sales of secondary homes. In another sign of buyer demand, two Chinese companies bid a record HK$16.9 billion (S$3.1 billion) for a piece of waterfront land zoned for residential development.

"The market is hot right now," said Wong Leung-Sing, associate director of research at Centaline Property Agency, citing demand from end-users and investors. "The government says interest rates will rise and the supply will increase, and there's no need to bu…