Hong Kong Will Relax Mortgage Rules to Help First-Time Home Buyers
Hong Kong’s embattled chief executive Carrie Lam announced plans to help first-time home buyers break into the world’s least-affordable property market, as she seeks to quell protests fueled in part by the city’s rising inequality.
The government plans to allow purchasers to borrow up to 90% of a property’s value to a maximum of HK$8 million ($1 million), from HK$4 million previously. That means first-time home buyers will be able to buy more expensive homes with a down payment of just 10%.
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