HONG KONG: Hong Kong's private home prices broke historic records for the 13th straight month in November, with the ascent showing no immediate signs of ending and analysts expecting the rise to continue into next year.Private home prices rose by 1.08 percent in November, marking the fastest pace of growth in six months, according to data compiled by the Rating and Valuation Department released on Friday. "Property prices are high and it's unaffordable for most ordinary people," said Thomas Lam, a senior director with Knight Frank. "But right now, I cannot see any major factor that will drastically bring down property prices in the short run. "I think their intention is good... but they're using the wrong medicine," Tsang said. "There is no easy or painless option to increase or expedite land supply, especially in the short run," it stated.- Reuters

Source: The Star December 29, 2017 04:52 UTC