HONGKONG Bank said yesterday that the Government should not try to bring down property prices too quickly.
Hongkong Bank executive director Paul Selway-Swift said at yesterday's opening of the Hong Kong Gifts and Houseware Fair: ''It is irresponsible for any government to drive property prices down quickly.
''It would mean that house buyers who bought a flat with their life-savings suddenly find the value of their property dropping.
''I have concerns about anything which might disturb the current demand and supply situation.'' Also, Mr Selway-Swift said: ''Major companies making huge commitment to buy old property to redevelop will suddenly find the value of that land falling.
''The government must be careful that they moderate things and not just send things down quickly,'' he said.
However, he welcomed the government's move to cool the property market in the long-term, to make residential and commercial property more affordable to individuals and smaller companies.
''On the other hand, it would be good if we could stop the market from going up.
