Property prices are too high, says Tsang

Hong Kong Chief Executive says current cost is 'quite frightening'

Hong Kong - Hong Kong home prices are "quite frightening" as growing wealth in the Chinese mainland fuels increases of 2 percent a month, according to the city's Chief Executive Donald Tsang.

"Over the last 30 months, property prices are growing in Hong Kong at a rate of 2 percent a month, which is quite frightening," Tsang said in an interview in Melbourne on Friday.