Hong Kong

HONG Kong's central bank will probably relax restrictions on downpayments for homebuyers this year should prices continue to drop, according to a Bank of America Corp (BOA) property analyst.

"It's likely to happen," Raymond Ngai, head of Greater China property research at BOA's Merrill Lynch unit, said at a news briefing on Tuesday. "Prices have fallen 8 per cent since September and with another 5 to 10 per cent drop you may see the HKMA relax restrictions," he said, referring to the Hong Kong Monetary Authority.