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Hong Kong homes face 20pct price drop as banks raise rates

Posted on 22 March 2013

Hong Kong officials, who have struggled in vain for three years to slow the growth in home prices, are about to get their wish as the city’s biggest banks raise mortgage rates. Prices could fall as much as 20 percent over the next two years, according to Deutsche Bank AG, after lenders including HSBC Holdings Plc, Hong Kong’s biggest by assets, and Standard Chartered Plc raise their home loan rates by 25 basis points in response to tighter risk rules.
Hong Kong dollar’s peg to the U.S. currency has kept interest rates in the city at near record lows, underpinning a more than 110 percent gain in home prices since the beginning of 2009 to the most expensive among major global cities………………………………………..Full Article: Source


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