How hot was the market?
A November 2010 report described Hong Kong property as red-hot: prices had returned to 1997 peaks, with buyers piling into luxury and high-end homes. Analysts noted the market’s sensitivity to mainland hot money, with rumours the government could intervene at any moment.
What cooling measures came?
The government moved against speculation with measures including a special stamp duty to hit flippers. But prices stayed sky-high, pricing more workers out of home ownership.
What’s the lesson for workers?
Property isn’t for everyone; retirement security means saving yourself. MPF is long-term saving — choose funds well and review regularly at MPF fund comparison.
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