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  • Sep 17, 2014
  • Updated: 6:12pm
NewsHong Kong

Housing chief warns against 'panic' buying of flats

PUBLISHED : Saturday, 19 January, 2013, 1:54pm
UPDATED : Saturday, 19 January, 2013, 5:45pm

Secretary for Transport and Housing Anthony Cheung Bing-leung said on Saturday that Hong Kong people should not "panic" and rashly buy flats.

He made the comments because many people selling homes have been marking up prices - as demand for properties surged after Wednesday’s policy address by Chief Executive Leung Chun-ying.

“People should not buy flats in a panic,” Cheung advised.

The housing chief stressed that the government would work to ensure a stable supply of flats. “Most of the working class need mortgages to buy homes and repay loans in instalments. They have to consider their affordability in the long run and future market changes,” Cheung said after a radio programme.

His remarks come a day after the Greenview Villa project by the Housing Society and revised Home Ownership Scheme (HOS) by the Housing Authority received an overwhelming public response.

Meanwhile, Secretary for Development Paul Chan Mo-po, discussing calls for the government to use sites on the land application list for subsidised housing, explained that eight of the 23 plots were too small for public housing or HOS flats.

And in RTHK’s Letter to Hong Kong, Leung Chun-ying said if the government came up with any feasible measures on home supply beneficial to the public, “we will roll them out any time”.

 

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This article is now closed to comments

John Adams
I recall Jake Vaderkamp's advice : the best time to buy is when the last property agent closes in Disco Bay ( or Bonhan Road )
SpeakFreely
In every market either property or stock, always people are panic buying before crashing. Just let it correct itself...only smart people buy at low when no one buying it. Remember Mr. Li made his fortune years ago when no one buying ? And those who brought at SARs? If you want to be a sucker, go panic and buy now!
 
 
 
 
 

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