Chen Maobo warned: the property market will be adjusted
Hong Kong property prices are not dangerous and are likely to be affected by external factors. At present, no one can expect to see how deep the adjustment will be. Home buyers to be careful. However, he said that Hong Kong’s financial system has become increasingly stable over the past 20 years, enough to withstand the impact of the property market adjustment.
Market non-government-led dangerous test
Last week, the United States raised interest rates again, and the Financial Secretary, Mr Timothy Chan, warned the public that he would be able to raise the cost of borrowing in Hong Kong based on the linked exchange rate. The property market in Hong Kong was in danger. There may be adjustments, and no one can predict the current adjustment, because it is dominated by the market rather than the government.
However, he stressed that since 1997, the financial system in Hong Kong was becoming more robust and believed to be able to withstand the impact of the property market adjustment. He also pointed out that the current situation was very different from that of 1997. The situation in which the Asian financial turmoil affected Hong Kong’s economy would not be repeated. He reiterated that the Government had taken steps to increase the supply and depressing needs of the property market and that the property market would return to balance as long as it continued to maintain the supply of land and buildings.