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Hong Kong's shock home curbs seen cutting sales by up to 70%

Developers already moving to suspend sales; prices expected to fall by up to 8 per cent

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Surging prices have fuelled rising discontent in Hong Kong, where it takes an estimated 19 years of median household income to buy a home, according to Demographia, putting property outside the reach of the vast majority of citizens.

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The rebound in home prices has complicated any re-election bid by Chief Executive Leung Chun-ying.

Hong Kong

HONG Kong leaders' surprise move to cool the world's least affordable home market is set to spur an immediate plunge in prices and transactions as buyers and sellers hit the pause button.

Louis Chan, chief executive of the residential unit of Centaline Property Agency Ltd

sentifi.com

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