Efforts to chill Hong Kong’s resi market aren’t working

Hong Kong’s chief executive said government efforts to temper the world’s most expensive property market have failed.

“It’s impossible for the government to curb property prices,” chief executive Carrie Lam said during an interview with Radio Television Hong Kong, Bloomberg reported. “Despite the several rounds of cooling measures by the government, prices didn’t drop. Some even suggested that those measures had pushed up prices instead.”

Prices in Hong Kong’s resale market rose 14 percent this year, pushed upward by inexpensive money and demand from mainland buyers.

The number of new residential units coming to market in Hong Kong can’t keep pace with the number of mainland Chinese who become residents each year.

Lam restated her goal of resolving the housing shortage but didn’t offer any specific policies that would curb prices. [Bloomberg] – Rich Bockmann