Father's advice: buy property now

PUBLISHED : Thursday, 08 October, 1998, 12:00am
UPDATED : Thursday, 08 October, 1998, 12:00am

Mr Tung is giving tips on when to buy property again - this time to his children.

At a televised forum last night, Mr Tung was asked whether he thought prices were at a reasonable level and whether it was the right time to buy.

'I'd suggest the public see if they have the need and ability to do so . . . I recently had a chat with my kids and I told them they could consider buying.' In January last year Mr Tung advised people not to enter the overheated property market - and it soared to a record high within months.

Mr Tung was also grilled on whether he had dumped the policy objective of building 85,000 flats a year. He parried the question, saying his prime responsibility was to stabilise property prices.

He said many people blamed the 85,000-flat target for the slump but the fall in the commercial property market had been even more severe.

He also denied the Government had dropped its goals of reducing the waiting time for public housing from seven to three years or achieving 70 per cent home ownership by 2007.

He said the fact they were not mentioned this year did not mean the Government had changed its mind.