HK's Senior Banker Confident in Govt's Housing Policy

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Last updated at: (Beijing Time) Saturday, October 12, 2002

HK's Senior Banker Confident in Govt's Housing Policy

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Hong Kong Associate of Banks Chairman Liu Jinbao said that he is confident that the special administrative region (SAR) government's stance on housing policy should help stabilize property prices, local media reported Friday.

Liu was quoted as saying that the government has made a clear stance on housing policy and he thought the government can achieveits goal to stabilize prices. The anticipated new measures should give a boost to the market in the medium to long term, he added.

On Thursday, Chief Executive Tung Chee Hwa told a question and answer session at the Legislative Council that the SAR government would not interfere with the property market, but hope to stabilize property prices.

Liu also said the rises in Hong Kong dollar forwards reflect the lack of confidence in the Hong Kong dollar, the outlook for interest rates and the US economic prospect.

The fluctuations do not necessarily imply attacks on the Hong Kong dollar by overseas speculators, and there is no need to worryabout the attack from foreign speculators, Liu said.

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