CRI听力:HK to Limit Property Investment Immigration

Hong Kong has now suspended offering residency rights to investors who buy property in the city, as the government tries to curb soaring real estate prices that have unsettled many locals.

The move is believed to be aimed at mainland buyers whose purchases of luxury properties has helped propel parts of the city's real estate market to record-breaking prices.

Home prices in Hong Kong have risen about 45 per cent since the end of 2008.

Buyers from the mainland are estimated to have bought more than a third of the upmarket properties sold in the first half of this year in Hong Kong.

Under a programme launched in 2003, investors have been able to gain residency in Hong Kong by investing $840,000 US dollars in real estate, equities or other assets.

For more about this, we talked to Dr. Leung Kayui, from the City University of Hong Kong.