HONG KONG, Dec 27 (Reuters) - Hong Kong's home prices were largely flat in November, in an early sign that the struggling property market could bottom out after interest rate cuts and other supportive measures.
WHY IT'S IMPORTANT
Home prices in Hong Kong, one of the world's most unaffordable cities, have tumbled nearly 30% from their 2021 peak, hurt by higher mortgage rates, an outflow of professionals and a weak market outlook.
Authorities have tried to prop up the ailing sector this year with a few rounds of supportive measures such as lifting all property purchase curbs and relaxing down payment ratios, but housing demand remained soft, especially in the secondary market.
BY THE NUMBERS
Private home prices edged up 0.07% in November from the month before. This followed a revised 0.9% climb in October, which was the first rise in five months.
Prices have dropped 6.6% so far this year.
MARKET COMMENTS
The forecasts by realtors for home prices in 2025 range from a 5% drop to a 5% rise, depending on factors such as the pace of more rate cuts and the state of trade tensions between China and the U.S.
CONTEXT
Hong Kong's major banks, including HSBC 0005.HK and Bank of China (Hong Kong) 2388.HK, lowered their best lending rate in the city this month by 25 basis points for the third time this year, following the U.S. Federal Reserve's move.
The territory's currency is pegged to the U.S. dollar, but local banks make their own rate decisions depending on their funding costs.
(Reporting by Clare Jim; Editing by Nicholas Yong)
((clare.jim@thomsonreuters.com;))
免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。