Hong Kong Rolls Out Measures to Cool Booming Property Market

Hong Kong introduced more measures aimed at cooling the property market and protecting financial stability after home prices rose to a record last year.

Buyers of properties valued at up to HK$7 million ($900,000) will have to make larger down payments, while mortgage rules for second-home purchases will be tightened, Norman Chan, the head of the Hong Kong Monetary Authority, said at a briefing on Friday. The measures take effect immediately.