Hong Kong to fine-tune mortgage limits for first-time homebuyers

Hong Kong, June 25 (BNA): Finance Minister Paul Chan said in a radio interview Sunday that Hong Kong intends to “adjust” the cap on the amount of mortgages available to first-time home buyers.

Residents want to upgrade their homes after starting families, Chan told Hong Kong Commercial Radio, so the government is discussing with the de facto central bank adjusting mortgages into volumes that balance buyer interest and financial security, Reuters reported.

Market participants have been urging the government to ease restrictions on the property market after house prices in one of the world’s most expensive markets fell 15% last year. Chan previously said repeatedly that he has no intention of doing so.

Currently buyers can borrow up to 50% of the cost of mid- to large-sized homes priced over HK$12 million ($1.53 million).

The government relaxed the rules in February 2022 to allow first-time buyers to borrow up to 80% for homes costing HK$12 million or less, and 90% for homes priced at HK$10 million or less.

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