Country Garden: CCL index fell by 0.34% compared to last week, it is expected that second-hand property prices in Hong Kong will be under pressure in the short term.

Yang Mingyi, Senior Joint Director of the Research Department of Zhongyuan Real Estate, stated that the latest Zhongyuan City Leading Index (CCL) is 136.24 points, a weekly decrease of 0.34%, marking the lowest level in nearly 9 weeks since the financial turmoil. Although the Hong Kong Interbank Offered Rate (HIBOR) has dropped below 2% for the first time in nearly 3 years, second-hand buyers are still adopting a wait-and-see attitude. In addition, developers are promoting multiple new projects with low-price strategies, causing short-term pressure on second-hand property prices in Hong Kong, leading to adjustments in the market. This week, the overall property prices in Hong Kong continue to remain stable, with CCL fluctuating narrowly around 136 points for 8 consecutive weeks, reaching a high of 136.90 points and a low of 136.24 points. The CCL is 3.24 points or 2.38% higher than the target of 133 points for the second quarter. Zhongyuan pointed out that the CCL remains at a low level unchanged for over 8 and a half years, hovering around the level in late August 2016. In the 9 weeks after the financial turmoil, CCL has risen 6 times and fallen 3 times, with the increase in property prices narrowing to 1%, and a temporary cumulative decline of 1.02% by 2025. The impact of the first batch of price lists for 50 units at Sha Tin UNI Residence announced on May 19, the HIBOR dropping below 2% on May 22 for the first time in nearly 3 years since June 2022, and the third round of price lists for 216 units at the SIERRA SEA Phase 1B in West Kowloon on May 24, will only begin to be reflected in the CCL to be published in mid-June 2025. As for the Leading Index of large-scale housing estates in Zhongyuan City, CCL Mass reported 137.23 points, a slight weekly decrease of 0.01%. CCL (small and medium-sized units) reported 136.01 points, a weekly decrease of 0.23%. CCL (large units) reported 137.44 points, a weekly decrease of 0.81%. Property prices in the four districts have seen fluctuations. New Territories West CCL Mass reported 123.74 points, a weekly decrease of 1.96%. Kowloon CCL Mass reported 135.29 points, a weekly decrease of 0.11%. Hong Kong Island CCL Mass reported 135.75 points, a weekly increase of 0.13%. New Territories East CCL Mass reported 151.00 points, a weekly increase of 2.59%. In the eight major property price indices for 2025, CCL has a cumulative decline of 1.02%, CCL Mass a decline of 0.65%, CCL (small and medium-sized units) a decline of 0.72%, CCL (large units) a decline of 2.42%, Hong Kong Island a decline of 2.04%, Kowloon an increase of 1.11%, New Territories East an increase of 1.77%, and New Territories West a decline of 3.60%.