The property sector is another area of interest for financial investors. For example, during the first month following the announcement of QE3, house prices in Hong Kong, China rose by 3%, while in the Republic of Korea and Singapore, they gained 1.195% and 1.125%, respectively. Governments have responded with a host of cooling measures in the property sectors. For example, in October 2012 and January 2013, the Monetary Authority of Singapore introduced a number of measures to contain a risk of property price bubbles. In October 2012, the government of Hong Kong, China raised the stamp duty on house purchases to stave off speculative investment flowing into the property markets. Fluctuations in equities in developing Asian economies since QE3, MSCI Asia excl.