Credit controls to reduce property purchases by 15%By Crystal Hsu / Staff reporterThe central bank’s latest credit controls would reduce property transactions by 10 to 15 percent this year, which would particularly affect people looking to move, developers and analysts said yesterday. However, the central bank described its adjustment as “minor.”The central bank previously directed its credit controls at corporate buyers, but shifted focus to individuals, Lai said, adding that the move would hurt real demand. Without grace periods, owners would pay NT$33,608 a month to cover interest and the principal of a NT$10 million loan, it said. Jessica Hsu (徐佳馨), head researcher at H&B Realty Co (住商不動產), said she was not surprised at the tightening measure, as real-estate lending has showed no signs of subsiding following two earlier waves of credit controls. Buyers of land plots in industrial parks must take action on their development plans within one year after purchase.
