Hong Kong’s Chief Executive, Donald Tsang, warned of a potential property bubble — as one luxury flat in the city sold for a world record of $9,200 per square foot (depending on how you measure it) — and said the government could release more land for sale.
Norman Chan, chief executive of the Hong Kong Monetary Authority, said, "It is very difficult to detect if a bubble is there. But what we’re concerned about is, given the very sharp rise in prices in this top segment of the property market, the risk, or credit risk, to these mortgage loans to these properties has increased."
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