HONG KONG : Hong Kong private home prices in July dropped to the lowest since February 2020, official data showed on Monday, as homebuyers turned more bearish due to rising interest rates and an uncertain outlook.Home prices in one of the world's most unaffordable housing markets eased 1.6 per cent last m
HONG KONG : Hong Kong private home prices in July dropped to the lowest since February 2020, official data showed on Monday, as homebuyers turned more bearish due to rising interest rates and an uncertain outlook.
The financial hub, whose economy has been weighed down by COVID-19 measures considered among the most stringent in the world, saw new cases rebounding to nearly 10,000 on Sunday. The city's financial chief Paul Chan said the government has no plans to scrap cooling measures or intervene in the market regardless of short-term fluctuations.Interest rates in Hong Kong tend to move in lockstep with U.S. rates, as its currency is pegged to the greenback, although they have lagged their U.S. equivalents in recent months.
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