House Price May Fall After Rate Rise: James Lau
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2018-04-30 HKT 11:40
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The Secretary for Financial Services and the Treasury, James Lau, has warned that home prices may not keep going up, even as government data released on Monday showed another rise.
The latest data showed that flat prices in Hong Kong hit a new record for the 17th straight month.
But in an exclusive interview with RTHK, Lau said the public need to be careful about a reversal of the property market, noting that interest rates are expected to go up in the second half of this year.
He also stressed that the government doesn't plan to remove the measures it introduced to cool property prices, as that may cause further speculation and drive up prices.
During the interview, the secretary also played down recent fluctuation of the local currency. The Monetary Authority recently had to pump in some HK$50 billion to stabilise the Hong Kong dollar, as the currency kept reaching the lower band of its peg against the US dollar.
Lau said people don't have to be worried about the outflow of money and said the authority has enough reserves to defend the Hong Kong dollar.
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