Hong Kong unveils new measures to cool property market

HONG KONG: The Hong Kong government unveiled new measures on Friday aimed at cooling the property market amid public discontent at spiralling prices and fears of a real estate bubble.

Financial Secretary John Tsang announced new stamp duties that will take effect from Friday aimed at restraining what he called "short-term speculative" inflows into the glitzy financial hub's property market.

"These are extraordinary measures under exceptional circumstances. Our aim is to curb short-term speculative activities and to reduce the risk of any asset bubble," Tsang told journalists.