10. Government acts against property speculation (September 2009)

As private home sales ballooned and prices rose - despite the downturn - the government stepped in with measures to cool the market. These included the reinstatement of the confirmed list of land sales in the first half of 2010, and the immediate removal of the interest absorption scheme.

The measures were not entirely unexpected, but still they reined in sentiment and slowed sales. They also signalled the government was ready to act if things continued to heat up. The move marked a turning point, with property buyers adopting more caution.

This article was first published in The Business Times.

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