The property market is in a frozen state, the first 11 months of first and second-hand residential registrations plunged 38% year-on-year, the private residential sales price index fell for five months in a row, back to the level of the end of 2017, the property market can be described as "price and quantity together.

Due to the downward adjustment of property prices, the third quarter negative equity cases increased sharply by nearly 9 times quarter-on-quarter.

In addition, the global interest rate hike cycle began, the Federal Reserve raised interest rates for seven consecutive times during the year, Hong Kong also raised the prime rate for three times P.

Federal Reserve in March this year to start the interest rate hike cycle, the year has been seven consecutive interest rate hikes up to 4.25%, Hong Kong banks also began to raise interest rates in September, the year has been three times up the prime rate P to 0.625%.

This time the Federal Reserve Board to raise interest rates faster and more sharply than before, the U.S. Consumer Price Index (CPI) has also fallen for 5 months to 7.1%, but there is still a distance from the target 2%, while the unemployment rate is low and wages are still at a high level, coupled with the U.S.-China trade, Russia and Ukraine and the epidemic and other issues hit global economic activity, inflation is expected to remain full of uncertainty, expected next year, the U.S. interest rate hikes will continue, and to reduce Inflation is expected to continue next year.

Federal funds rate is expected to rise to 5.5 percent or more next year, the linked exchange rate system, Hong Kong and the United States interest rate gap further widened, coupled with the demonetization rate continues to maintain a high level, the bank's cost of funds will increase sharply, Hong Kong's prime rate P or in 2023 to 6% level, the actual rate will challenge the 4%, the fastest pace of interest rate increases in the second half of the year will be the top.

Although the mortgage rate may rise to 4%, compared with the average mortgage rate of 4.89% for more than 30 years, the current level of mortgage rate is only normalized, is still a normal level.

This year, the Hong Kong economy by the impact of the new crown epidemic and continued downward trend, coupled with the haze of interest rate hikes, the property market down constantly, the pace of developers to push the market is also hampered, the second half of a number of new sales are not as satisfactory as the second-hand transactions are also weak, thus affecting the mortgage market.

In the first 11 months of this year, the number of existing and uncompleted mortgage cases were 77,450 and 3,895, and the number of existing and uncompleted cases is expected to reach 82,450 and 4,145 for the whole year, down 19.6% and 30.6% year-on-year.

After the relaxation of the epidemic prevention policy, the economy can further improve next year, coupled with the prospect of customs clearance and other factors to stimulate the property market, helping developers to accelerate the pace of pushing the property market is expected to "rebirth after the epidemic", is expected to see a stable number of existing properties and uncompleted mortgage cases next year after the resumption of positive growth, the year is expected to rise by about 10% to 91,000 cases and 4,600 cases level.