Hong Kong to adjust mortgage limits for first-time homebuyers.

Hong Kong Plans to Fine-Tune Mortgages for First-Time Homebuyers

HONG KONG (Reuters) – In an effort to meet the demands of residents looking to upgrade their homes after starting families, Financial Secretary Paul Chan announced plans to “fine-tune” the maximum size of mortgages available to first-time homebuyers. Chan revealed in a radio interview on Sunday that the government is in discussions with the de facto central bank to adjust mortgage sizes, striking a balance between buyer interest and financial security.

Market participants have been urging the government to relax property market curbs after home prices in one of the world’s most expensive markets dropped 15% last year. Chan has previously said repeatedly he had no intention of doing so.

Currently, buyers can borrow up to 50% of the cost of mid-sized-to-large homes priced over HK$12 million ($1.53 million).

The government relaxed rules in February 2022 to allow first-time buyers to borrow up to 80% for homes costing HK$12 million or less, and 90% for homes priced HK$10 million or less.

($1 = 7.8298 Hong Kong dollars)

(Reporting by Clare Jim; Editing by Christopher Cushing)

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