Hong Kong leader vows to roll out more property price curbs
HONG KONG (REUTERS) - Hong Kong's leader pledged to roll out further measures on Wednesday to moderate the city's red-hot property market amid signs previous initiatives have failed to halt the rise of home prices to levels beyond the reach of many residents.
Since the densely populated former British colony reverted to Chinese rule in 1997, a flush of hot money from mainland China, easy credit and low interest rates have pumped the local market to levels that have eclipsed the previous peak in 1997 and now stand as amongst the costliest in the world.
"Over the past few months property prices and rentals have continued to rise to such an extent that they are now beyond people's affordability," said Leung Chun-ying, Hong Kong's chief executive who took office on July 1.
"Tackling the housing problem is a top priority of the current term government," said Mr Leung.