Hong Kong Finance Chief: Do NOT Buy A Home Now Because An Interest Hike Is A Must

john tsang

Photo: wikimedia commons

Hong Kong finance chief John Tsang Chun-wah has already called local real estate a bubble.Now he’s being even more clear, according to The Standard.

“If you think that any upward change in the interest rate will have an impact on your finances, then this is not the best time to make a purchase because an interest rate hike is a must – but I cannot say when it will happen,” he told the legislative council.

Of course this is also self-serving advice, because reduced demand will slow the bubble.

Right now Hong Kong apartments cost 20 per cent more than they did in 2008, Tsang said.

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