Hong Kong banks told to toughen home mortgage requirements

Hong Kong ordered banks to toughen lending requirements for those with more than one mortgage on residential property.

This was meant to prevent the city from being flooded with "hot money" after the United States announced an aggressive new stimulus plan to spur growth.

The Hong Kong Monetary Authority also said it had restricted the maximum length for home mortgages to 30 years. Some banks had been offering mortgages of up to 40 years.