Financial Secretary John Tsang says the Monetary Authority’s new mortgage-tightening measures will ensure the stability of the banking and financial system.
The authority yesterday unveiled the new measures to cool the property market, including the lowering of the maximum loan-to-value ratio for self-use residential properties valued below $7 million to 60%.
Noting the rapid rising trend of the property market has been affecting the financial system’s stability, Mr Tsang said the authority had to introduce the new measures.
He reminded homebuyers to cautiously consider affordability before making their decision.
The Government has been monitoring the market and will respond appropriately as the situation warrants, he added.
