Hong Kong unveils new measures to cool sizzling property market

by **hlk** Sat 11 Jun 2011, 09:40

HONG KONG: Hong Kong has lowered the loan-to-value (LTV) ratio for home mortgages to curb the red-hot property market, the Hong Kong Monetary Authority said on Friday.

Apartments valued at between HK$10 million and HK$12 million ($1.3-1.6 million) would have their LTV ratios lowered to 50 percent. Flats valued at HK$7-10 million would be lowered to 60 percent and for those valued below HK$7 million the LTV ration would be lowered to 70 percent, HKMA Chief Executive Norman Chan told reporters.

The LTV is the percentage of a property's value that is mortgaged. – Reuters

by **hlk** Sat 11 Jun 2011, 09:49

Hong Kong: Losses run into seventh day

SHARES fell for a seventh straight session yesterday, as concerns over possible monetary tightening by mainland authorities weighed on sentiment.

The benchmark Hang Seng Index dropped 189.46 points to 22,420.37, down 0.8 per cent on the day and 2.3 per cent on the week.

"Property shares suffered because of worries regulators would announce new measures to curb prices," said Jackson Wong, investment manager at Tanrich Securities. - Agencies