HK finance chief warns potential buyers of property risk

Hong Kong

HONG Kong's financial secretary Paul Chan warned potential buyers to be careful buying property in the world's most expensive housing market, as moves by the Federal Reserve to unwind its balance sheet may shrink money supply.

Mr Chan warned in June that Hong Kong's property market is in a "dangerous situation" and vulnerable to a correction. Hong Kong chief executive Carrie Lam describes housing as citizens' No 1 concern and recently set up a task force on increasing land supply as she tries to rein in ever-escalating prices.