Hong Kong property cooling measures cloud dreams of young homebuyers

Before tying the knot in 2013, Wong Man-lok had a plan to cut his spending to save enough to buy a small property within two years and start a family in a flat he owns.

Just when that goal seemed within reach, two years into his marriage, the Hong Kong Monetary Authority announced on Friday a new round of mortgage-tightening measures, delaying his plan for at least four years. The couple have lived with Wong's parents since they got married. They've travelled overseas just once since their honeymoon, avoid eating out, and Wong gave up on buying the PlayStation 4 he wanted so much - all in the hope of saving a deposit for a 400 sq ft flat.

But prices have soared, and the new measures mean they will need an initial down payment of 20 per cent, rather than 10 per cent, to secure a mortgage.

"The path to buying a property was long enough, and now it is even longer," said the 30-year-old assistant quantity surveyor.

Wong and his wife, Ho Wai-man, a 31-year-old designer, will now need to put down about HK$800,000 on a HK$4 million flat - if they can find a home for such a price in four years.

Wong noted that a 400 sq ft flat in Sunshine City, Ma On Shan, cost just HK$1.98 million in 2010. Now the price has more than doubled, a big challenge when they can save only HK$15,000 a month.