HK home prices highest since 1997

05:55 AM Sep 11, 2010
Hong Kong home prices have risen to their highest levels since December 1997, according to Centaline Property Agency, defying government efforts to rein in speculation and prevent an asset bubble.

The Centa-City Leading Index rose 1.11 per cent to 84.54 in the week ended Sept 5, from 83.61 a week earlier, according to a press release by one of Hong Kong’s biggest property agencies.

The government has raised down-payment ratios and accelerated the sale of land to rein in home prices that have surged about 45 per cent since the beginning of last year.

Prices are now on par with 1997, the height of a previous bubble that was followed by a six-year slump.

Source : Today – 11 Sep 2010

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