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Hong Kong raises rate following Fed's move, risking housing sell-off

Its one-month interbank rate jumps the most in six months, with property stocks losing more than 1%

Efforts by the authorities to cool demand through tighter rules for lending and other measures have so far had little impact on home prices in Hong Kong, as local and mainland developers bid up the cost of land to new records and borrowing costs remain low.

Hong Kong

HONG Kong's de facto central bank followed the US Federal Reserve and boosted interest rates for a third time since December, elevating the risk of a sell-off in the world's priciest housing market.

The Hong Kong Monetary Authority (HKMA) boosted borrowing costs by 25...