China’s steps to cool record property price gains and allow the yuan to appreciate may stymie Hong Kong’s efforts to contain surging home values in a city with its own currency pegged to the U.S. dollar.
Charles Schwab Corp. sued units of Bank of America Corp. ’s Merrill Lynch & Co., UBS AG and Bear Stearns Cos. over claims they lied or omitted information about mortgage-backed securities Schwab bought from them.
Hong Kong may record 6,000 monthly used-home sales in the fourth quarter, a 14 percent drop from the third quarter, amid concern that the government may introduce further property curbs, the city’s Wen Wei Po reported, citing Centaline Property Agency Ltd. Managing Director Louis Chan.
Transactions of used apartments at 10 of Hong Kong’s biggest private developments fell for a second straight week as sellers held out for their listed asking prices after consecutive government land auctions that beat estimates.
Hong Kong’s new leader is taking up the battle his predecessor failed to win, seeking to overcome record low mortgage rates and an influx of Chinese buyers to make housing in the world’s most expensive city more affordable.