【明報專訊】AFTER the financial tsunami had happened, governments printed money in a big way to prop markets up. That has brought about asset bubbles. Property prices have kept rising in Hong Kong. The International Monetary Fund (IMF) has pointed out that Hong Kong may see a credit-asset price cycle. To deal with that, the government has taken a number of measures. For example, it has raised the loan to value (LTV) ratio of luxury flats. However, our reporters have discovered that a measure which the government introduced in 1999 to prop up property prices and which allows purchasers to defer paying stamp duty remains effective. That makes it much less costly to speculate in property. Recently some have paid sky-high prices for flats at 39 Conduit Road. The buyers of twenty-five flats there have all been allowed to postpone paying stamp duty. The measure, which once helped stabilise the property market, now allows a speculator to re-sell a flat at a profit prior to the assignment. Clearly, it no longer seems appropriate. The government must address the matter as soon as possible.