HK property prices fell 3.5% in July to October period

Property prices in the territory fell 3.5 per cent in the July to October period, Hong Kong Monetary Authority chief executive Norman Chan said yesterday, a day after authorities said they might ease housing market curbs if necessary.

Housing prices are “slowly coming down and … will continue for a bit and hopefully we will be able to achieve a soft landing … When the environment trends downwards, we will surely take countercyclical measures to deal with that,” Financial Secretary John Tsang said on Thursday.

In a report on Hong Kong released yesterday, the International Monetary Fund (IMF) said the government of the Chinese Special Administrative Region must be ready to provide “significant and immediate” fiscal stimulus that could include tax cuts, subsidies for the poor and rolling back some property curbs.

The IMF expects Hong Kong’s economic growth to slow to 4 per cent next year, down from 5.75 per cent this year. Hong Kong may need to stand behind some banks and deposits should Europe’s sovereign debt crisis worsen and cause the global economy to slump, said IMF China mission chief Nigel Chalk.

Source : Today – 10 Dec 2011

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