Centaline Property Residential Division President Chan Wing-kit said, Centaline City Leading Index CCL the first 10 months of this year, has recorded a decline of 8.9%, property prices continue to decline, coupled with a number of property market data such as negative equity, silver main and new inventory are at a multi-year high, reflecting the property market has sounded the alarm, the U.S. interest rate hike to Hong Kong dollar interest rates (HIBOR) continue to rise, is expected to Hong Kong banks will again raise the prime rate (P) According to the Centaline City Leading Index CCLI, the property market is expected to rise again.

According to the Centaline City Leading Index CCL, the United States in March this year for the first time to raise interest rates, when the CCL reported 178.72, compared to last week's CCL of 168.21 points, in the United States five times during the interest rate hike, Hong Kong second-hand property prices down 5.9%, the first 10 months recorded a decline of 8.9%.

Chan Wing-kit pointed out that the Hong Kong economy continues to decline, the GDP GDP has fallen for three consecutive quarters, the epidemic has not been a comprehensive customs clearance, the property market only rely on the Hong Kong exchange customers and on the car to support, the demand is greatly reduced, the property prices are soft, the transaction also slowed down significantly.

The first 10 months of this year, first-hand and second-hand transactions were recorded 9,600 and 27,600 more than, compared to the same period last year, a sharp drop of 31% and 39%, first-hand transactions hit a 9-year low, second-hand even a record low.

In addition to property prices and turnover continue to decline, other property market data also reflects the weakness of the property market, such as negative equity, the end of the third quarter of this year, negative equity residential mortgage loans recorded 533 cases, a six-year quarterly high.

In addition, the Hong Kong bank master housing stock increased to 209 units, the first time in 13 years rose above the level of 200 cases; plus the new housing stock has reached 15,000 units, a new high in more than 15 years, reflecting the epidemic and continued interest rate hikes hit new housing sales, indicating that the current supply of new housing is more than demand, all kinds of data pointed out that the property market has sounded the alarm.

The United States is expected to reduce the rate of interest rate hikes next month at the earliest, but there is a chance to extend the interest rate hike cycle, the property market can be said to prolong the pain.

Property market in the first 10 months of this year, first-hand and second-hand transactions recorded a total of more than 37,200 cases, Chan Wing-kit estimated that the year can be recorded about 44,000 cases, a record low since 1996 records.

In terms of property prices, the rate of a 2% drop in property prices per month, the fourth quarter is expected to drop 6% in property prices, the annual decline of 15%, individual housing estates are likely to fall 20%, is a dangerous signal for the property market, I hope the government to take timely measures to review the property market spicy measures, timely reduction of spicy, to stabilize the economy.