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Following is the transcript of remarks by the Secretary for Transport and Housing, Professor Anthony Cheung Bing-leung, in a media stand-up session after attending radio programmes this morning (February 23):
Reporter: Are the latest measures announced help the property market land softly should one day the bubble bursts?
Secretary for Transport and Housing: Certainly from the Government's point of view, we are very concerned about the property market bubble. The risk is getting greater, and we all know that one day the interest rate will go up. Of course we cannot be exact about that day but the prospect is there.
Now because of the bubble risk, we would like to send a very clear signal to the community that individual buyers have to be very cautious about their decision.
We are not making decision for them but through the increase in the ad valorem stamp dut rates, we want to increase the cost of transaction so that they will do their own 'stress test' in order to make a wise decision.
(Please also refer to the Chinese portion of the transcript.)
Ends/Saturday, February 23, 2013
Issued at HKT 14:52
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