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HK cracks down on property speculation

08-16-2010 11:09 BJT

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Hong Kong's property shares slumped today, as the Hong Kong special administrative region announced new measures to curb speculation and prevent a potential bubble in the real estate market.

The Hong Kong Monetary Authority has tightened mortgage rules and raised requirements for mortgage applicants. The local government will continue to increase land supply by including three plots, which will provide 540 small-to-medium sized flats.

Another measure is last Friday's ban on transactions preventing speculators from re-selling first-hand uncompleted flats. If a transaction is cancelled, buyers will be liable to forfeit a 10 percent deposit rather than the present 5 percent.

Editor:Xiong Qu |Source: CNTV.CN

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