What will happens if Singapore do not have all these Cooling Measurement in place?
Let take a look at China Case Study:
On August 11, 2015, the People’s Bank of China (PBOC) surprised markets with three consecutive devaluations of the yuan renminbi or yuan (CNY), knocking over 3% off its value. Since 2005, China’s currency had appreciated 33% against the U.S. dollar, and the first devaluation marked the most significant single drop in 20 years. While the move was unexpected and believed by many to be a desperate attempt by China to boost exports in support of an economy that was growing at its slowest rate in a quarter century, the PBOC claimed that the devaluation was part of its reforms to move towards a more market-oriented economy. The move had substantial repercussions worldwide.
After a decade of a steady appreciation against the US dollar, investors had become accustomed to the stability and growing strength of the yuan. Thus, while a somewhat insignificant change for Forex markets, the drop—which amounted to 4% over the subsequent two days—rattled investors.
U.S. stock markets and indexes, including the Dow Jones Industrial Average (DJIA), the S&P 500, and European and Latin American markets fell in response.
read more at https://www.investopedia.com/trading/chinese-devaluation-yuan
What did the government do in this crisis period?
From July 2015 report:
“The government has relaxed tax rules and cut downpayments for second-home buyers in the past few months. Its pro-growth policy, which included four cuts to benchmark interest rates since November, also helped boost property sales and change market sentiment.
With sales rebounding and home buyers turning more optimistic about the market, some developers have started to raise prices.
Prices in the wealthiest cities led the gains, but most third-tier cities still saw prices fall, highlighting a growing divide in the market.”
read more: https://www.straitstimes.com/business/chinese-home-prices-rise-again
Result of the relaxing of the tax rules and downpayment cut:
China Home Prices continue to Soar in February 2016 with Shenzhen, Shanghai and Beijing remained as the top performers, with prices surging 56.9 percent, 20.6 percent, 12.9 percent, respectively.