Bricks and MortarCheung Kong executive proved right as homebuyers' sentiment turns

Barely six months ago, Justin Chiu Kwok-hung raised eyebrows when he declared that the worst of the property market slump was over.

His remarks generated even more of a stir when he said the naysayers who thought otherwise were "too simple-minded".

The Cheung Kong (Holdings) executive director made his call when the Centa-City leading index hit 118.96 in January.

The index - which is created by Centaline Property Agency and monitors home prices in the secondary market - subsequently drifted to a low of 117.8 in March.

Home prices then moved in a narrow range, constrained by factors such as expectations of a delay in the raising of interest rates in the United States and limited price cuts in the primary market.

Then, in May, the modifications to property cooling measures, including an easing of requirements for double stamp duty, breathed life into the market.