Gov’t cautious on mortgage policy

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Gov’t cautious on mortgage policy

The Government must carefully consider the impact of relaxing the mortgage ratio to help more Hong Kong people buy their own homes.

 

Financial Secretary Paul Chan made the statement to the media today after attending a Budget consultation forum.

 

Noting high property prices and the prolonged surge in the property market, Mr Chan said adjusting the mortgage plan could result in more people buying houses at prices they cannot afford.

 

“If at this stage we try to help those who have marginal financial capability to enter into the property market this may push the market further up unnecessarily.

 

“Also if there is a correction in the market these people will be the most hard (hit). This could be a very unbearable situation for them so we have been monitoring the situation. We share their concern but we have (to) remain to be very cautious.”

 

He added the Government will not relax its property cooling measures at this stage.

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