NewHong Kong’s secondary home prices ease to six-month low, Centaline index shows
The Centa-City Leading Index shows home prices are down 3.9 per cent from September’s peak, or the lowest level since the week ended May 24
Hong Kong’s secondary home prices fell to a 25-week low as property buyers anticipated a market correction amid an expected interest rate hike, a survey by the city’s major property agent showed.
The market will fluctuate downward from its peak in September, according to Centaline Property Agency, one of the major property agents in Hong Kong.
The weekly Centa-City Leading Index showed prices fell 0.7 per cent week-on-week to 141.13 for the week ended November 15, the weakest level since 140.33 for week ended May 24.
The cooling represents a cumulative pullback of 2.2 per cent from a month ago. Relative to its September 2015 peak of 146.92, the index is down 3.9 per cent.
The Fed will discuss whether to move from near-zero interest rates at its policy meeting on December 16.
The city’s Financial Secretary John Tsang told the media briefing Friday morning that a rate rise would affect the economy and property market. But he added that the market can handle a US interest rate hike, as the market has been anticipating the rise for some time.