Under pressure from US interest rate hikes, Hong Kong’s real estate market has come under pressure: the Central Plains City Leading Index (CCL) has fallen more than 10% from its high in August last year. The latest Central Plains report found that the stock of major Hong Kong banks has now surpassed 200 units, a 13-year high, close to the level of the financial tsunami in 2008, and is expected to rise from 400 to 600 units per year. next year. At the same time, the major silver market has recently started cutting prices, down by nearly 30%. It is believed that the government should introduce measures to cut down on spicy food as soon as possible.
Qicheng is a small and medium sized car display board
The report mentioned that as of October 13, the stock of major Hong Kong banks had increased to 209 units, 11 units up from 198 units in September; compared to 112 units in the same period last year, a nearly 90% year-on-year increase, and also a record high since 2009. Also, in the first 10 months of this year alone, there were 215 new silver masters, surpassing the 209 of the entire last year.
According to the report, residential properties account for 84% (176 units) of the current stock of silver and core properties, and the rest are non-residential properties such as parking lots, industrial and commercial stores, and agricultural land. In the residential silver market, 70% of small and medium-sized car rentals with a property price of 10 million yuan and 32 luxury homes.
Junpo duplex reduced by 34 million
A bank recently launched 14 major silver products for sale at a reduced price, down to nearly 30%. For example, the Junpo duplex unit, a luxury residence in Mid-Levels Central, has a floor area of 2,392 square feet and is one of Hong Kong’s most expensive silver masters, however this unit has been on the market for long time 120 million yuan, the split price reached 34 million yuan, a decline of 22%.
As for the silver-headed social housing, the reduction is even greater.The mid-rise unit in the Lung Yu Building, Lower Wong Tai Sin Estate, with a usable area of 376 square feet, is now available in the free market and the second market E 2.55 million yuan on sale, a decline of 28% and 19%.
The report stated that the outbreak of the financial tsunami in 2008 led to a sharp drop in property prices and the emergence of a large number of silver majors on the market. In the first half of the year, the number of silver majors it has risen from more than 200 to more than 300. After the global bailout, the housing market has bottomed out. In view of this, Chen Yongjie, chairman 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 prices will double from 400 to 600 next year and every 10% drop in property prices will “double” in the main stock market.
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