Under the pressure of U.S. interest rate hikes, the Hong Kong property market has been under pressure. The Central Plains City Leading Index (CCL) has fallen by more than 10% since its high in August last year. The latest report from Central Plains pointed out that the stock of main banks in Hong Kong has now exceeded 200 units, a 13-year high, close to the level of the financial tsunami in 2008, and is expected to increase to 400 to 600 units next year. At the same time, the main silver market has started to cut prices recently, with a decrease of nearly 30%. It is believed that the government should introduce measures to reduce spicy food as soon as possible.
Qicheng is a small and medium-sized car board
The report mentioned that as of October 13, the stock of main banks in Hong Kong increased to 209 units, 11 units more than the 198 units in September; compared with 112 units in the same period last year, an increase of nearly 90% year-on-year, and also a record high. High since 2009. In addition, in the first 10 months of this year alone, there have been 215 new silver masters, exceeding the 209 in the whole of last year.
According to the report, residential properties account for 84% (176 units) of the current stock of silver and principal properties, and the rest are non-residential properties such as parking spaces, industrial and commercial shops, and agricultural land. In the residential silver market, 70% of the small and medium-sized car rentals with a property price of 10 million yuan, and 32 luxury houses.
Junpo duplex reduced by 34 million
Recently, a bank has launched 14 silver main products at a reduced price for sale, with a decrease of up to nearly 30%. For example, the duplex unit of Junpo, a luxury residence in Mid-Levels Central, with a usable area of 2,392 square feet, is one of the most expensive silver masters in Hong Kong, but the unit has been on the market for a long time. 120 million yuan, the split price reached 34 million yuan, a decrease of 22%.
As for the silver-headed public housing, the reduction is even higher. The mid-rise unit in Lung Yu Building, Lower Wong Tai Sin Estate, with a usable area of 376 square feet, is now available in the free market and secondary market. The original asking price was HKD 5.78 million and HKD 3.15 million, but it is now reduced to HKD 4.15 million. And 2.55 million yuan for sale, a decrease of 28% and 19%.
The report mentioned that the outbreak of the financial tsunami in 2008 led to a sharp drop in property prices, and a large number of silver majors emerged in the market, which increased from more than 200 to more than 300 in the first half of the year. After the global bailout, the property market bottomed out. In view of this, Chen Yongjie, president of the residential department of Centaline Real Estate, said that the current stock of banks in Hong Kong is approaching the level of the financial tsunami. He estimates that if the economy continues to deteriorate, the number of major silver listings will double to 400 to 600 next year, and for every 10% drop in property prices, the situation of major silver listings will be “doubled”, and he calls on the government to reduce the spiciness and rescue the market as soon as possible.
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