Government takes aim at speculators
Property speculators are expected to go into hibernation thanks to a determined bid by the government to stabilise the surging property market. Recently, Financial Secretary John Tsang Chun-wah announced a series of measures to cool the market, which many believe is a bubble on the brink of bursting. One tough measure is the spike in stamp duty - 15 per cent for properties that change hands within six month of the sale. The Hong Kong Monetary Authority also told banks to increase the down payment buyers need to pay for properties worth more than HK$12 million, from 40 per cent to 50 per cent.