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Strategies & Market Trends : HONG KONG
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To: WONG who wrote (2017)7/30/1998 9:30:00 AM
From: WONG  Read Replies (1) of 2951
 
Heard on the Hong Kong news this morning that a close aide of CY Tung has mentioned the fact that they might relax the 30% mortgage down payment requirement in a last ditch effort to jump start the property market.

This is immediately following the lifting of the 40% limit on mortgage business in the banks overall lending portfolios.

If this measure is taken, no doubt the buyers will come storming back and the prices will head up again.

However, this means that the banks will now rely more and more on the property market as their main source of business. And if the market tanks another 20-30% in the not too distant future, the Hong Kong banking sector will topple -- Japanese style.

I think CY Tung is so desperate in seeking short term results to please the HK people (and the top brass up North) he is risking the entire long term economic prosperity of the territory.....

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