23 Feb '11, 5am

Hong Kong to boost city land supply

HONG KONG: Hong Kong's financial chief vowed Wednesday to keep boosting the city's land supply in response to rising public anger over soaring property prices and repeated warnings of a looming property bubble. Financial Secretary John Tsang's comments came as the city's unemployment rate hit a two-year low in January, while inflation hit a two-year high, underscoring Hong Kong's red-hot economy. "We are determined to maintain the stable and healthy development of the property market," Tsang said in his annual budget speech, adding that the government would hold a series of land auctions this year to boost supply. "The challenges in the coming year arise mainly from the risk of asset-price bubbles and inflation... Fighting inflation is our major task this year." The International Monetary Fund has warned of a potential property bubble in the densely populated city, with Ts...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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Hong Kong to boost land supply, plans inflation-relief steps: Hong Kong real estate prices, among th... #realestate

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