THE spiralling prices in the property market will finally be adjusted through market forces, Wharf chairman Peter Woo Kwong-ching says. Speaking after the opening of Times Square yesterday, Mr Woo said the situation was an echo of the 1970s and 1980s, when the property market experienced sudden price rises. However, the problem would be solved eventually with the aid of different measures and the market's own adjustment. Mr Woo said it was ''neither the first nor the last time'' the territory's property market would spiral. Lowering the mortgage ceiling would be one way of cooling down the inflamed market, he said, adding that this would not have negative effect on the market. Mr Woo also doubted whether the capital gains tax would fit into the current tax system in Hong Kong. It would not only harm the operation of a free market, but also the territory's simple tax system, he said.