Property Stocks Fall On Axing Of Deferred Payment Scheme

Source : The Business Times, October 29, 2007

Property counters such as City Developments fell after the Government said real estate developers could no longer let home buyers delay payments on the bulk of their property purchases.

City Developments fell 3.1 per cent, Wing Tai Holdings was down 4.4 per cent and Allgreen Properties lost 3.9 per cent.

'We may see annual double-digit residential price increases come to a halt, or grow at a more gradual pace,' said Morgan Stanley analyst Melissa Bon in a note. -- REUTERS