The Hong Kong government pledged to boost land supply as it tries to cool the property market, a day after its first auction of the fiscal year fetched almost a third less than surveyors’ estimates.
“We hope the market will be stable,” Financial Secretary John Tsang said. “There will be land auctions in June and July.”
Hong Kong has limited corporate purchases of apartments and it may raise the stamp duty on properties after home prices rose as much as 10 per cent in the first four months of the year.
Source : Today – 13 May 2010