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“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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