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Property Market: The number of new mortgage cases for completed homes in Hong Kong in October hit a 5-month low. Mortgage applications for uncompleted properties increased by 5.5 times.
Compared to the same period last year, the number of mortgage deeds for existing buildings decreased by 1,017 (20.5%); while the number of mortgage deeds for newly built properties increased by 463 (544.7%).
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CK Asset: Maintaining the prediction of a 5-10% drop in Hong Kong property prices, the luxury housing market will remain stable.
Li Wanyin, head of the Hong Kong research department at Gaoli, still maintains the forecast of a 5%-10% reduction in Hong Kong's annual property prices, and also expects property prices to remain stable in 2025. The future trend will be influenced by the pace of interest rate cuts, and if the pace of interest rate cuts is slow, Hong Kong property prices may come under further pressure.
[Brokerage Focus] CICC pointed out that the policy address provided limited support for Hong Kong real estate, but it will have a positive long-term impact on the industry.
King's Financial News | CICC released research reports, stating that the Chief Executive of Hong Kong has just announced the 2024 Policy Address, introducing population, economic, and housing policies favorable to the real estate industry. Although these incremental policies may be limited in scope and may disappoint some market participants to a certain extent, the reality is that the Hong Kong government does not have a lot of room for policy relaxation. Policy initiatives to attract talent and promote the economy may be the best outcome the industry can expect. The firm believes that these policies will have a positive impact on the real estate industry over time, especially for companies focused on community retail like Link and other house rental companies like N
Relaxing residential mortgage loan conditions, resolving the issue of 'subdivided units', the Hong Kong property market welcomes multiple major bullish factors.
①"Relaxing mortgage restrictions has indirectly reduced initial expenses, lowered the entry threshold, and removed mortgage restrictions based on property prices or usage. It is believed that this measure will attract market demand and foreign capital back to the Hong Kong property market." ②" It is expected that the number of first-hand property transactions in October may reach 3,000 units, potentially hitting a new high in nearly 7 months, and property prices are also expected to stop falling and rebound in the fourth quarter."
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