Despite rate cuts, Hong Kong property market remains sluggish
==========
Interest rate cuts by the US Federal Reserve did not boost Hong Kong's secondary property market over the weekend; only seven transactions occurred, a 53.3% decline from the previous week, marking an eight-week low. Centaline Property reported three deals in South Horizons, one in Metro City, one in Whampoa Garden, and one in Caribbean Coast. Louis Chan Wing-kit, CEO of Centaline Property Agency, noted that mainland buyers are hesitant, leaving local buyers to support the market. Despite a drop in transactions, appointment bookings rose by 7.6% to 1,130, the highest in 21 weekends. Hong Kong's Monetary Authority cut the base rate to 5.25%, prompting banks like HSBC and Bank of China to lower their prime rates. Kathy Lee from Colliers mentioned 21,000 unsold residential units remain, while Joseph Tsang from JLL highlighted that economic factors beyond interest rates affect the market. New developments like Jardine’s Lookout and Upper Central have launched at lower prices, indicating ongoing pressure on property prices.
#HongKong #PropertyMarket #InterestRates #RealEstate #CentalineProperty #Hsbc #EconomicFactors #MarketTrends #NewDevelopments #SalesTransactions
https://www.scmp.com/business/article/3279545/lower-rates-fail-lift-transactions-hong-kongs-secondary-property-market
South China Morning Post /
npub1x2…knuvq
2024-09-23 02:58:14
Author Public Key
npub1x2q0x7w5tqx0x3j9tdvkvqmetarpr8axhpjq7qw5xxrcysdwtrzssknuvqPublished at
2024-09-23 02:58:14Event JSON
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"content": "Despite rate cuts, Hong Kong property market remains sluggish\n==========\n\nInterest rate cuts by the US Federal Reserve did not boost Hong Kong's secondary property market over the weekend; only seven transactions occurred, a 53.3% decline from the previous week, marking an eight-week low. Centaline Property reported three deals in South Horizons, one in Metro City, one in Whampoa Garden, and one in Caribbean Coast. Louis Chan Wing-kit, CEO of Centaline Property Agency, noted that mainland buyers are hesitant, leaving local buyers to support the market. Despite a drop in transactions, appointment bookings rose by 7.6% to 1,130, the highest in 21 weekends. Hong Kong's Monetary Authority cut the base rate to 5.25%, prompting banks like HSBC and Bank of China to lower their prime rates. Kathy Lee from Colliers mentioned 21,000 unsold residential units remain, while Joseph Tsang from JLL highlighted that economic factors beyond interest rates affect the market. New developments like Jardine’s Lookout and Upper Central have launched at lower prices, indicating ongoing pressure on property prices.\n\n#HongKong #PropertyMarket #InterestRates #RealEstate #CentalineProperty #Hsbc #EconomicFactors #MarketTrends #NewDevelopments #SalesTransactions\n\nhttps://www.scmp.com/business/article/3279545/lower-rates-fail-lift-transactions-hong-kongs-secondary-property-market",
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