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Strategies & Market Trends : HONG KONG

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To: Tom who wrote (2324)	9/16/1998 4:36:00 PM
From: WONG	Read Replies (1) of 2951

HK govt. just decided not to relax the 30% deposit required for new mortgages after heated debates in Legco. They fear the high risk involved in the Banking sector should things heads south again and bad debts will become even worst. On the other hand, the new SHK condominium sale netted a 4.8% oversubscription. Damn prices are getting cheap these days. But then, Joseph Yam said the government might need to BORROW money in order to fund those large infrastructure projects and the 98/99 budget might hit a deficit of HK$40 billion.... While a senior economist at CS First Boston HK indicated the local interest rates for next year might climb to 13% due to the deflation of the economy. I don't see any pops in the property market...just bottom fishers.

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