If you want to buy a luxury home (condo) in Hong Kong, defined as costing more than $2.7 million, the amount of your down payment has been increased by the Hong Kong Monetary Authority from 30% to 40%.
Not because of rising defaults, like in the U.S., but to cool down real estate speculation.
Quite a contrast from the easy money policies pushed by Greenspan, Bernanke, Franklin Raines of Fannie Mae, and Barney Frank to encourage speculation.
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