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Express News | Hong Kong's second-hand property price index rose by 1.24% on a week-on-week basis.
HKMA: Interest rates may remain at relatively high levels for a period of time.
The Federal Reserve in the USA cut interest rates by 0.25 basis points. The Hong Kong Monetary Authority stated that as expected by the market, the Fed further lowered interest rates, implementing a looser monetary policy. However, the future pace of rate cuts depends on the economic data in the USA, which will be affected by fiscal and economic trade policies, thus there are still many variables. Additionally, since the monetary policy environments of major economies are not necessarily fully synchronized, the risk of global market volatility is worth noting. The Hong Kong Monetary Authority mentioned that the financial and monetary markets in Hong Kong are operating smoothly, with stable market liquidity and a stable exchange rate of the Hong Kong dollar. The Hong Kong dollar's interbank interest rates are generally approaching the US dollar rates under the linked exchange rate system, while shorter-term interbank rates.
Last Saturday, 20 transactions were recorded in DOUBLE COAST I at Kai Tak, with a total cash out of nearly 0.183 billion. The top ten estates' transactions have returned to single digits.
Over the past weekend, new properties continued to be recorded as sold, with agencies believing that the upcoming US election and interest rate meetings have added cautious sentiment to the property market. The top ten housing estates saw a weekly decline in transactions, returning to single-digit levels. Kai Tak Splendid by China Resources Land (Overseas) and Poly Developments (00119.HK) saw two new transactions yesterday (3rd), with a daily transaction amount exceeding 0.114 billion yuan. Developed in Kai Tak by Henderson Land, Cheung Kong Property (00012.HK), Country Garden Overseas (00688.HK), and Shanghai New World (00017.HK), the new property DOUBLE COAST I has been
Retail Management Association: The basic market factors remain unchanged, and the market has not yet shown signs of improvement.
Annie Lo, Executive Director of the Retail Management Association, pointed out that the main reason for the narrowed decline in retail data in Hong Kong in September is the low base effect. She mentioned that the current market conditions have not changed fundamentally, with general weakening in consumer spending among citizens, coupled with strong performance of the Hong Kong dollar and the influx of mainland Chinese visitors, the market remains weak without any signs of improvement. 70% of the association's members expect business performance to continue to decline in October. Annie Lo stated that among these members, non-essential items are experiencing a larger decline, while 30% expect business to remain stable or improve, primarily relying on promotional activities and new product launches. Members are still pessimistic about the performance in November and December. She pointed out that half of the members anticipate a decline in business in November, during the Christmas holiday in December.
The expected rental return rate of 'Double Coast I' in Kai Tak, as disclosed by the Michelman Group in 'Hong Kong Property Magazine', is close to 4%, with an estimated 2,000 transactions expected in November.
Jointly developed by Henderson Land, henderson land (00012.HK), China Overseas (00688.HK), and Shanghai New World (00017.HK), the new project 'DOUBLE COAST I' in Kaitak launched 58 units for sale last Saturday (2nd) in the form of price list. Philip Poon, Executive Director of Residential Department at Midland Realty, mentioned that the project has the advantage of existing buildings, attracting both end-users and investors. With the increasingly complete living facilities in the area, it is expected that the project's rent per square foot can reach HK$60, with a rental yield of nearly 4%. He revealed that Midland Realty temporarily recorded a group of customers spending around 33 million Hong Kong dollars to purchase 3 units, including 2.
New World Dev (00017): Independent non-executive director Luo Fan Jiaofen has been appointed as a member of the audit committee under the board of directors.
New World Dev (00017) announced that Ms. Law Fan Ka Yee, an independent non-executive director, has been appointed to oversee the audit under the Board of Directors...
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