Hong Kong home prices reach yet another record high in Jan

HONG KONG, Feb 28 (Reuters) - Home prices in Hong Kong, the least affordable city in the world, reached yet another all-time high in January, according to the latest government data released on Tuesday.

The private home prices index in the first month of 2017 rose 0.62 percent to 309.0 from December, extending a 10 month climb, according to data compiled by the Rating and Valuation Department. The January figure marked a 10.8 percent spike year-on-year.

Prices have continued to rise despite the Hong Kong government’s attempts to cool the overheated property market. In November it raised stamp duties to 15 percent of the transaction value across the board, exempting first time local buyers.

Mainland Chinese developers have been aggressively bidding land sold in the financial hub, and the buying frenzy is set to drive property prices up even further.

Last Friday two mainland Chinese firms shattered a two-decades-long residential land price record and snapped up a plot of land overlooking the ocean in southern Hong Kong.

Reporting by Venus Wu; Editing by Shri Navaratnam