Property Stocks Decline on Latest Housing Curbs
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Singapore’s property stocks fell, driving an index tracking developers to a one-year low, after the government tightened its public housing policy by reducing tenures for new loans and restricting purchases by foreigners.
The Singapore property index tracking 43 stocks fell 1.4 percent to 692.64 at the close in Singapore trading, the lowest since Sept. 11. Singapore will cut the maximum tenure for new loans to purchase homes built by the state to 25 years from 30 years, the Housing & Development Board said in a statement on its website. Mortgage payments are capped at 30 percent of their gross monthly income, down from 35 percent.