Hong Kong's property cooling measures to stay: chief executive

HONG KONG - Hong Kong Chief Executive Leung Chun-ying said on Tuesday that property cooling measures will stay despite recent signs of a fall in property prices.

Speaking ahead of the weekly Executive Council meeting, Leung said it was not the government's responsibility to make sure home prices do not fall.

"We are seeing in recent months a slight dip in rent and prices, this is sort of bucking the trend," he said, adding that the government was determined to tackle the housing shortage by increasing land supply.

Hong Kong's property prices have more than doubled since 2009, consistently ranking the city among the world's most expensive property markets.

The government resorted to draconian measures a couple of years ago, including doubling the stamp duty, or property transaction tax, on many buyers, mainly non-permanent residents, to cool the market. It also raised down payment requirements, in some cases to 60 percent of the sales price.