Hong Kong trying to slow high-end housing sales

Authorities in Hong Kong have moved in to dampen demand at the highest end of that city's real estate market.

Coming on the heels of a developer there last week setting a world price record for the sale of an apartment -- $9,200 U.S. per square foot -- the Hong Kong Monetary Authority increased the amount of the down payment required from 30% to 40% of the purchase price to buy property valued at U.S. $2.8 million or more.

The Hong Kong Monetary Authority functions as a central bank.