As announced 2 days ago by HK secretary for Development Paul Chan, “it is not the right time to lift HK property market cooling measures.”
Speaking to reporters after a radio programme, Chan said the Government has been monitoring the market closely and that there was no cause for alarm concerning the current fall in prices which he described as an “orderly adjustment”.
According to a CNN survey last month, “Hong Kong’s stratospherically expensive housing market is so unaffordable it’s set a new global record.”
Indeed, the median price of a home in Hong Kong is 19 times the city’s median annual household income, according to the latest survey by the public policy firm Demographia. This mutiple is the highest the survey has ever recorded!
Photo courtesy of the Telegraph