The Hong Kong Monetary Authority (HKMA) declined comment yesterday on a report that it was considering raising the downpayment required to buy luxury property amid fears of a property bubble, but said HKMA chief Norman Chan had discussed the property market with banks this week.
‘Mr Chan held a meeting with five major banks on Tuesday to hear their views on the financial market, including the property market and mortgage lending,’ an HKMA spokeswoman said.
The spokeswoman said she had no comment on a report in the Ming Pao daily newspaper that the HKMA was considering lowering the mortgage limit on properties valued at HK$20 million (S$3.6 million) and above to 60 per cent from 70 per cent. Continue reading
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