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Hong Kong Raises Loan Down Payments to Cool Residential Prices

Hong Kong raised minimum downpayments for home buyers, signaling no let-up in a 20-month campaign to cool prices even after sales slowed and a land auction raised less than estimates.

Buyers of homes costing more than HK$6 million ($770,000) will have to increase up-front payments, with properties of HK$10 million or more requiring 50 percent, Hong Kong Monetary Authority Chief Executive Norman Chan told reporters yesterday. Foreign buyers must deposit an additional 10 percent.