Hong Kong unveils fresh steps to cool property market

[HONG KONG] Hong Kong imposed new measures on Friday in its latest bid to cool one of the world's most expensive real estate markets, cutting the amount of money home buyers can borrow to 60 per cent of the property's value, from 70 per cent.

Hong Kong's home prices rose last year to a record high, official data showed, as tightening measures failed to curb skyrocketing prices supported by strong local demand and tight supply.

Norman Chan, chief executive of the Hong Kong Monetary Authority, the city's de facto central bank, also said it would lower the debt servicing ratio to 40 percent for second-home buyers, from 50 per cent.

REUTERS