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Hong Kong (CNS) -- Hong Kong Financial Secretary John Tsang Chun-wah said on Sunday that the local government had taken unusual measures to reduce property risk, not to interfere with free markets.
Property risk has increased as a bullish sentiment has dominated in Hong Kong, Tsang said on his official blog.
The city's real estate market still went upward, even when it was decoupled from the slow growth of the local economy, Tsang said.
He admitted that the curbs on HK real estate would cause inconvenience to non-locals, but said foreign buyers are still welcome. The government only hoped to relieve the loss of balance in demand and supply, he said.
These unusual measures in an unusual period are aimed at stabilizing society and the financial market, as well as reducing property risk, he added.
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