The picture shows Mr Yue Wai-man, Chief Executive of the Hong Kong Monetary Authority. (Photo source: Hong Kong Government Information Services Department)
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[Look at China News, July 8, 2023](See comprehensive report by Chinese reporter Li Huaiju)brass bureauPresident Yu Weiwen held a press conference on the 7th to personally announce the relaxation of the property market’s hot tricks and lower the mortgage ratio to encourage citizens to buy properties. However, this rescue operation is not favored by netizens. There are comments saying that the current economy is poor, property prices are falling, interest rates are high, and the increase in mortgage ratios means that the chances of negative equity are also greatly increased.
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The Hong Kong government introduced counter-cyclical macro-prudential measures in the property market in 2009, namely the property market hot tricks. This is the first time to untie the hot tricks,Yu WeiwenAnnounced that the maximum mortgage ratio for self-occupied properties has been adjusted. Units with a property price of less than 15 million yuan can apply for a 70% mortgage from the bank; And 30 million or more will remain unchanged, that is, 50%.
non-occupancy residencemortgageThe upper limit of the percentage remains unchanged at 50%.
In addition, the maximum loan-to-value ratio for non-residential property mortgages has been raised from 50% to 60%.
Yu Weiwen said that the adjustment mainly considers that the economy is facing great inflationary pressure, and the United States is at a high level, which will affect the Hong Kong economy.
He also said that the authorities will continue to monitorproperty marketand make other adjustments, whether tightening or relaxing, if necessary.
Many netizens commented, expressing that the government is “pushing people into a pit of fire.” “The current economy is poor, property prices are falling, interest rates are high, and the increase in mortgage ratios means that the chances of negative equity have also greatly increased.” “It’s more like helping property owners cash out , more than strengthening purchasing power.” “The stock market is dead, and the property market has to step on more feet.”
There are also netizens calling for “sell early and enjoy early, buy a few balls later” (editor’s note: a few balls refer to millions).
A few days ago, Shi Yongqing, the founder of Centaline Real Estate, was also not optimistic about the Hong Kong property market, thinking that “the bull market will not return.” Afterwards, he explained that this statement is time-limited, referring to the second half of this year, not permanent. However, he also pointed out that the recovery of several pillars supporting Hong Kong’s economy is not as good as expected. Coupled with the deterioration of China’s economy, it is inevitable that Hong Kong’s property market will be implicated.
Source: Watch China
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2023-07-08 10:36:00
