Otherwise, territory residents have been largely left alone to survive the crests and troughs of the free market. But for the first time, help may be on the way. Last month, the Hong Kong Monetary Authority announced plans to set up a government-owned mortgage corporation within a year. The corporation will function as a private company, borrowing directly from the market. But it will not regulate banks' mortgage policies, says Joseph Yam Chi Kwong, chief executive of the Monetary Authority, Hong Kong's de facto central bank.
Private bankers are wary of a government-owned mortgage corporation.
But for aspiring home-owners with less faith in the market, the prospect of official assistance comes as a pleasant development. All Rights Reserved. Terms under which this service is provided to you. Read our privacy guidelines .