Hong Kong govt to ensure rise in property prices in line with inflation: Pope

HONG KONG (AFX-ASIA) - Property prices have bottomed out and the government will ensure the long-run market rises in line with inflation, the Hong Kong iMail said citing director of Lands Department Robert Pope.	    "Property prices are fairly low now. They are 50 pct of what they were in the peak at 1997," he said.	    "We are in a way bouncing along the bottom. I foresee the only way to go is up," Pope said.	    He said the government cancellation of anti-speculation measures and the falling interest rates have contributed to the upbeat sentiment in the local property market.	    However, he said prices are unlikely to rise immediately, but would increase gradually over the next five years.	    "The administration is trying to ensure property price increase rises along with inflation," he said.	    "If inflation rate is 3.0 pct, property prices will rise 3.0 pct per annum, which I think is reasonable," Pope said.	    wl/av

Related stock : (NIL)