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    Democratic and Reform Resources Centre, Powered by Joomla!
    2 Nov 2010 列印 E-mail

    Category

       Land and Housing Policies

    Issue

    • Electoral

    News Content

    • Hong Kong Monetary Authority Chief Executive Norman Chan warned yesterday at the Legislative Council Panel meeting on Financial Affairs the local asset market is overheating, and the HKMA expect the market correction will happen and bring greater shock to the local financial system if it does.
    • Chan said the property market picked up steam again in October with transaction prices and volume increasing after the both prices and volume dropped in September.
    • He admitted that under the current Linked Exchange Rate System, the government lacks the mechanism to fine-tune the asset market by changing interest rates or exchange rates. He said if the property speculation lending becomes dominant, HKMA will introduce further measures to safeguard the stability of the local banking system.  

    Questions

    • The property market rebound tells the failure of Tsang’s policy address in cooling down the overheated property market. ‘My Home Purchase Plan’, suggested in the policy address, which will only be put into practice in years, fails to stabilize the current asset market.
    • Simply warning is not enough! Measures such as the resumption of the HOS should be implemented, and providing more land to public housing, should be implemented to stabilize the market.