Valuers checked whole Property and Prepare Appraisal report
The Hong Kong government announced a target of 70% home ownership by 2007. This represents a huge improvement on the existing rate of 56% -- 74% home ownership in the private market and 37% in public housing. After the enactment of the first Trustee Act amendment on ‘prudent investor’ in Ontario, express clauses were still required because the Ontario government chose to exclude the delegation powers of the model Act.

At the same time, to prevent Singaporeans from over-committing their CPF savings into property investments, the total CPF withdrawal for housing loans has been brought down gradually (by 6% each year) from a valuation limit3 of 150% in 2003 to 120% by 2008.

Additionally, CPF contribution rates were cut from 36% to 33%, the CPF salary ceiling (below which contribution is mandatory) was reduced, and the government has begun earnest efforts to reform the wage system to make it more flexible.

These measures, together with the lag between growth in the GDP data and overall consumer confidence, and more recently, fresh anxieties over oil prices and rising interest rates, have all conspired to rankle home buyers, slowing the pace of recovery in the private residential market. Having said that, we expect future private residential property prices in Hong Kong to outpace those in Singapore in the short to medium term.

Why is this so? However the pace of home ownership has been much faster in Singapore than in Hong Kong, perhaps for reasons of political expediency in the case of Singapore, in order to encourage a greater sense of rootedness among its migrant population. All properties sold all through the state are investigated to figure out whether there has been any development in the property advertise throughout the year.

Singapore has also focused more on public housing while Hong Kong, true to its more laissez faire style of governance, has relied more on the private sector for the delivery of housing services. Whatever the difference in policy reasons, the difference in outcomes is stark – only 31%4 of the Hong Kong population lives in public housing as compared to 86% for Singapore.