Hong Kong finance chief says property market remains resilient

Hong Kong finance chief says property market remains resilient
FILE PHOTO: Hong Kong Financial Secretary Paul Chan attends a news conference on the annual budget in Hong Kong, China February 23, 2022. REUTERS/Lam Yik/Pool

HONG KONG : Hong Kong Financial Secretary Paul Chan said on Thursday the property market remains resilient although sentiment will be dented by increased mortgauge payments amid higher interest rates.

Chan was speaking after the city’s de facto central bank raised its base rate charged through the overnight discount window by 75 basis points to 2.75 per cent, hours after the U.S. Federal Reserve delivered a rate hike of the same margin.

(Reporting By Donny Kwok and Anne Marie Roantree; Editing by Christian Schmollinger)

Source: Reuters