Hong Kong's Financial Secretary John Tsang on Sunday warned of the rising property market risks in the economy amid growing uncertainties relating to global economic developments, particularly the European debt crisis.
Tsang said that the property market is now between "ice and fire." According to him, ice refers to weak global economy and fire is the low interest rate and huge liquidity in the domestic economy.
Property prices have been rising rapidly since February. Prices were up 8 percent last month from December and were 13 percent above the 1997 peak.
Tsang said the government will not hesitate to introduce further measures to cool the property market, if necessary.
He said the economy is expected to grow 1-3 percent this year.
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