Hong Kong property developers rise on expectation of relaxation of mortgage ratio for first-time home buyers

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Shares of Hong Kong property developers trade higher, with Wharf Group up 2%, Hang Lung Properties, Swire Properties, Wharf Estates up 1%. 

Hong Kong Financial Secretary Paul Chan said the government has no intention to adjust “harsh measures” for the property market for the time being, but may consider relaxation of mortgage ratio for first-time home buyers. 

He said that since the government launched the “harsh measures”, property speculation has been curbed, but as housing supply is relatively limited, the government will prioritize local residents’ home demand. 

As the economy was weak last year, coupled with rising interest rates, home buyers tend to be more cautious, but if the property market recovers to normal, the actual increase in the number of private property supply may be only a few thousand units, he said.