Singapore Shows Asia How To Crack Down on Housing Bubble

Singapore, the city-state that banned chewing gum to curb litter, is showing the rest of Asia how to cool a housing bubble.

The government this year ramped up efforts to bring down property prices that surged to a record, adopting some of its strictest measures, including a cap on debt at 60 percent of a borrower’s income, higher stamp duties on home purchases and an increase in real-estate taxes. The combination and timing of the curbs is the most comprehensive among governments battling housing bubbles, according to Vishnu Varathan, an economist at Mizuho Bank Ltd.