13 Apr '11, 11am

Hong Kong mulls land supply roll-out, prices jump

HONG KONG - Hong Kong's financial chief said Wednesday that overall property prices had passed their 1997 peak in February and would look at introducing more measures to cool the city's red-hot market. John Tsang's comments to lawmakers came as he outlined plans to boost land supply in the city in response to rising public anger over soaring house prices, which have become a major headache for officials. "I am deeply concerned that overall property prices in February have surpassed the peak in 1997" before a property bubble burst. "If it is necessary, we will consider measures to further cool the prices to reduce the risk of a bubble," he said. Luxury home prices topped their pre-Asian crisis peak in October, official data showed last year. Average luxury home prices in August were HK$142,249 ($18,300) per square metre, compared with around HK$122,500 before the 1997 crisi...

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

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