Hong Kong personal residence costs fell at a quicker tempo in June and dropped to the bottom since December 2020, official information confirmed on Wednesday, as homebuyers stayed on the sidelines on account of an unsure outlook and rising rates of interest.
Dwelling costs in one of many world’s most unaffordable housing markets slipped 1.1 p.c final month from a month earlier, in contrast with a revised 0.2 p.c decline in Might.
Charges in Hong Kong have a tendency to maneuver in lockstep with U.S. charges, as its foreign money is pegged to the dollar, though they’ve lagged their U.S. equivalents in current months.
However the market anticipated that main banks within the metropolis would possible elevate their greatest lending charges this week,…
Carry on studying: Hong Kong June residence costs fall to the bottom in 18 months