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    Yearender: HK property market hard to cool down(2)

    2012-12-30 13:26 Xinhua     Web Editor: Su Jie comment

    DEMAND-SUPPLY IMBALANCE REMAINS

    Experts have pointed out that aside from the hot money issue, another problem of Hong Kong's property market is a lack of supply.

    In Lau's view, the SSD and BSD are extraordinary measures introduced under exceptional circumstances. In the long term, the government should raise home supply to maintain the healthy and stable development of the market.

    The International Monetary Fund (IMF) has also urged Hong Kong' s government to ensure sufficient supply in order to boost home affordability.

    The government has sped up the release of more affordable housing, although the impact may be limited in the short run given planning and construction lags.

    "Our property market has seen an excess of demand over supply in recent years," Chief Executive CY Leung said in October. "To restore market equilibrium, the fundamental solution lies in increasing and maintaining a continuous supply of housing."

    The government has launched a package of 10 short- and medium- term initiatives to increase housing supply. In the next three to four years, apart from public housing, it is expected that a total of 65,000 first-hand private residential units will be available.

    Looking ahead, Lau said Hong Kong's property prices will remain flat or rise about 5 percent next year. "The government may introduce further measures to stabilize the property market," he added.

    IMF warned earlier this month in its annual review of Hong Kong 's economy that the property sector is the main source of the city 's domestic economic risk, and the sharp run-up in house prices raises the risk of an abrupt correction, which would lead to falling collateral values and a negative wealth effect.

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