GMT EIGHT - Economy&politics - Hong Kong

The Hong Kong Monetary Authority provided banks with HK$2.38 billion in liquidity through discount window.

On November 26, the Hong Kong Monetary Authority data shows that the Hong Kong Monetary Authority injected 238 million Hong Kong dollars in liquidity through the discount window to banks.

Zhongyuan: Hong Kong property market continues to heat up, expected to increase by 5% throughout the year.

CCL has risen by 3.52% so far this year. Property prices have successfully bottomed out and entered an upward phase. It is expected that CCL will achieve a 5% increase for the whole year, which is a reasonable increment.

Meridian: The October MMI report shows a 3.38% increase, with HIBOR expected to fluctuate around the 3% level before the end of the year.

In October, the Mortgage Margin Index (MMI) was reported at 3.38%, a slight decrease from the previous month. It is expected that HIBOR will continue to be affected by year-end factors, and HIBOR is expected to fluctuate around the 3% level before the end of the year.

In the third quarter, the retail sales of Macao amounted to 16.96 billion Macao patacas, an increase of 2.2% year-on-year.

In the third quarter, the retail industry in Macao reported sales of 16.96 billion Macao Patacas, representing a year-on-year growth of 2.2% and a 5.8% increase from the second quarter.

Li Jiage Chen Haichao: Hong Kong property prices and rents both rose, expecting a 3.5% increase in property prices and a 4.5% increase in rents for the whole year.

Chen Haichao, head of the research department at Lijia Ge Real Estate, expressed optimism about the future development of property prices in Hong Kong, expecting a 3.5% increase in prices and a 4.5% increase in rents for the entire year.

Hong Kong Housing Department: Comprehensive waiting time for public housing by the end of September remains at 5.1 years, continuing to hold the lowest record since the first quarter of 2018.

The Hong Kong Housing Authority has announced the latest quarterly comprehensive average waiting time for public rental housing. As of the end of September this year, the average waiting time for general applicants (including family applicants and elderly single applicants) over the past 12 months has remained at 5.1 years, continuing to maintain the lowest record since the first quarter of 2018.

Hong Kong government: Actively nurture and develop new productive forces, seize opportunities in the Greater Bay Area.

Chen Guoji expressed that Hong Kong will continue to seize its advantage position in the national development blueprint, continue to leverage the advantages under "One Country, Two Systems", cooperate with the Fifteenth Five-Year Plan, and seize the opportunities of the Greater Bay Area.

Savills World: Hong Kong stock market rise brings wealth effect, expected Hong Kong property prices to rise by about 3% this year.

In 2025, Hong Kong residential property prices are expected to increase by about 3% for the whole year. It is believed that the residential property market in Hong Kong will continue to rise in 2026, with the increase likely to be more significant, estimated at around 3% to 5%.

Hong Kong dollar interest rates have risen across the board, with the one-month interbank rate rising for five consecutive days to 2.97768%.

On November 26, the Hong Kong Dollar Interbank Offered Rate (HIBOR) increased across the board, with the one-month rate related to mortgages rising for 5 consecutive days to 2.97768%, an increase of 16.399 basis points.

Le Fang: The atmosphere of the Hong Kong property market is obviously warming up, and it is expected that property prices will rise by 4-5% next year.

The Fed is likely to cut interest rates by 0.25% in December to boost the economy. It is predicted that property prices will start to improve significantly after the Lunar New Year, but before that, property prices in Hong Kong are not expected to see a significant rebound, with a 2-3% increase in 2025. Property prices are expected to see a significant rebound in 2026, with a potential increase of 4-5% throughout the year.

Chen Maobo embarked on a visit to London to introduce Hong Kong's development opportunities to the British political and business sectors.

Chen Maobo summarized that the development prospects of Hong Kong are bright, and more British enterprises and professionals are welcome to invest, start businesses, and develop their careers in Hong Kong, sharing the vast opportunities for development.

MSCI: Commercial real estate investment in the Asia-Pacific region increased by 25% year-on-year in the third quarter, with a significant rebound in investment confidence.

In the third quarter, commercial real estate investment in the Asia-Pacific region increased by 25% year-on-year to $50.4 billion. The rebound in investment was mainly driven by a sharp increase in investment portfolio and entity transactions, accounting for half of all transactions in the quarter.

47 Meliun: Hong Kong property market volume and prices rise together, overall property registration volume breaks 70,000 for the first time in 4 years.

According to data from the Research Center of the American Alliance Property, as of November 24th this year, the total property registrations in Hong Kong (including new private buildings, second-hand homes, new public housing, commercial units, pure parking spaces, and others) have reached 70,245 cases. This not only represents an increase of approximately 3.3% compared to the total of 67,979 cases for the whole of last year, but also marks the first time since 2021 that registrations have surpassed the 70,000 mark.

The Hong Kong Monetary Authority provides banks with HK$1.08 billion in liquidity through its discount window.

On November 25th, the Hong Kong Monetary Authority data showed that the Hong Kong Monetary Authority injected HK$108 million liquidity into banks through the discount window.

Hong Kong Stock Exchange: disciplinary actions taken against TARGET INS and its 6 directors.

The Hong Kong Stock Exchange issued a statement condemning Thaihua Insurance (Holdings) Limited (delisted, former stock code: 6161), and also made a declaration of harm to investor rights and condemnation towards former chairman and non-executive director Wu Yu, executive director Liang Qin, non-executive director Ling Xujun and other related persons at the time of the company's delisting.

In October, the overall value of Hong Kong's exports and imports increased by 17.5% and 18.3% respectively compared to the same period last year.

On November 25, the Census and Statistics Department of the Hong Kong Special Administrative Region Government released external merchandise trade statistics, showing that in October 2025, both Hong Kong's total exports and imports recorded year-on-year increases, rising by 17.5% and 18.3% respectively.

Hong Kong Securities and Futures Commission Leung Fung-yee: Hong Kong is currently finalizing plans for a regulatory system for digital asset trading and custody services.

The Chief Executive Officer of the Hong Kong Securities and Futures Commission (SFC), Ms. Leung Fung-yee, stated during a forum that the authorities are finalizing the regulatory framework for digital asset trading and custody services, which will be the final two pieces of the regulatory "puzzle" in establishing a secure digital asset ecosystem.

Le Grand Gutter: In October, there were 3322 second-hand residential properties registered in Hong Kong, with a total registration value of HK$25.636 billion.

In October, Hong Kong recorded a total of 3322 transactions for the purchase and sale of second-hand private residential properties, with a total value of HK$256.36 billion, both figures increasing for the second consecutive month.

Hong Kong Monetary Authority: Will continue to strengthen cooperation with AMRO and the International Monetary Fund to promote regional financial integration and stability.

The Hong Kong Monetary Authority will continue to strengthen cooperation with the ASEAN+3 Macroeconomic Research Office (AMRO) and the Bank for International Settlements to promote regional financial integration and stability.

Hong Kong mortgage security company successfully issued a total of HK$25.3 billion in multi-currency public benchmark bonds.

On November 25, a mortgage securities company in Hong Kong announced that it had successfully issued a total of 25.3 billion Hong Kong dollars (or the equivalent of 3.3 billion US dollars) in multiple currency public benchmark bonds under its 30 billion US dollar medium-term bond issuance plan.

The Hong Kong dollar interbank rates are generally increasing, with the one-month interbank rate standing at 2.81%.

On November 25th, the Hong Kong dollar interbank interest rates generally rose, and the one-month interbank interest rates related to mortgages rose for four consecutive days, reaching 2.81369%, an increase of 18.809 basis points.

Hong Kong's Independent Commission Against Corruption (ICAC) has charged the former Assistant Vice President of Hong Kong Exchanges and Clearing Limited with bribery and two other individuals with obstructing justice.

The Hong Kong Independent Commission Against Corruption has filed a lawsuit against Hong Kong Exchanges and Clearing Limited (00388)s former Assistant Vice President, Tan Zhuoyan, accusing him of embezzling and accepting bribes of HK$150,000 to disclose confidential information of a listed company. It has also accused two other individuals, Zhou Zigang and Deng Qingyu, of obstructing justice.

Hong Kong's Mandatory Provident Fund Schemes Authority: As of the end of September, the total assets of the Mandatory Provident Fund amount to approximately 1.53 trillion Hong Kong dollars, an increase of 173% compared to 10 years ago.

The latest "Summary of Mandatory Provident Fund Scheme Statistics" from the Hong Kong Mandatory Provident Fund Schemes Authority shows that as of the end of September, the total assets of the Mandatory Provident Fund was approximately HK$1.53 trillion, an increase of 173% compared to 10 years ago. In the third quarter alone, the Mandatory Provident Fund received total contributions of HK$22.4 billion, with mandatory contributions and voluntary contributions amounting to HK$16.9 billion and HK$5.5 billion respectively.

Central Plains Mortgage: Hong Kong mortgage refinancing registrations in October fell by 6% month-on-month, still the second highest number this year.

Wong Mei Fung, Managing Director of Zhongyuan Mortgage, stated that according to the data from the research department of Zhongyuan Mortgage, there were a total of 624 cases of bank mortgage transfers registered in Hong Kong in October 2025, which was a 6.4% decrease from the high of 667 cases in September, still the second highest number this year.

JLL: Grade A office rents in Central Hong Kong rose for the first time since May 2022.

On November 24th, a report titled "Hong Kong Real Estate Market Observation" released by Colliers International pointed out that in November, the grade A office rents in Central rose by 0.1% compared to the previous month, marking the first month-on-month growth since May 2022.

"Confidence Index of UBS" has been above average for 51 consecutive weeks, indicating that homeowners have a positive view on property prices in Hong Kong.

The latest report of the "Meilian Building Price Index" is 131.92 points, a weekly decrease of 0.16%. The "Meilian Confidence Index" reflecting the attitudes of property owners is 76.1 points, a weekly decrease of 0.4%. The confidence index has been above the average value for 51 consecutive weeks (at the boundary between good and weak housing prices), indicating that there is room for housing prices to rise.

Chen Meibao: Hong Kong has already promoted and implemented 29 low-altitude economic regulatory sandbox pilot projects. Next year, we will promote the extension of "Regulatory Sandbox X" into new application scenarios.

The launch ceremony of the "Regulatory Sandbox X" for low-altitude economy was held today.

Chung Yuan: Hong Kong property prices are expected to rebound by more than 40% from the low in the next three years. The new uptrend could sustain for six years with a rebound of 85%.

Chairman Shi Yongqing of Zhongyuan Group expects that property prices in Hong Kong will surpass the peak of the 2021 property market high within three years, with an increase of 41.85% compared to the low point in March of this year. At the same time, he believes that this upward trend could continue for six years, from 2025 to 2031, with an increase of 85% compared to the low point of 134.89 points.

Hong Kong dollar interest rates are generally on the rise. The one-month interbank borrowing rate has increased for three consecutive days to 2.6256%.

On November 24th, Hong Kong dollar interbank interest rates generally increased, with the one-month interbank rate related to the property sector rising for the third consecutive day to 2.6256%, up by 13.06 basis points.

UBS Report: Hong Kong Property Market at Turning Point, Expected to Recover Within 3-5 Years

Although the expected increase in property prices is not as strong as the previous cycle (2003-2018), it is believed that it can return to the high levels of 2021 within 3 to 5 years.

MPF rating: The average loss per capita of Hong Kong's Mandatory Provident Fund in November is 4,140 Hong Kong dollars, with a profit close to 40,000 Hong Kong dollars since the beginning of the year.

The MPF rating agency stated that after achieving six consecutive months of positive returns for the first time since 2017, the Strong Mandatory Provident Fund (MPF) suffered losses in November, mainly due to concerns about the valuation of AI stocks and the cooling of expectations for a December rate cut by the Federal Reserve.

Macau: A total of 1411 units of buildings and parking spaces completed the stamp duty payment process in the third quarter, with a total value of 6.26 billion Macau Patacas.

According to data from the Statistics and Census Bureau of Macao, a total of 1,411 building units and parking spaces completed the stamp duty payment procedures in the third quarter of this year, with a total value of 62.6 billion Macau patacas.

In October, Macau's CPI increased by 0.60% year-on-year and 0.03% month-on-month.

According to data from the Statistics and Census Bureau of Macao, the Composite Consumer Price Index in Macao rose by 0.60% year-on-year and 0.03% month-on-month in October 2025.

Chen Weimin: Starting next year, elderly residents in Hong Kong who benefit from government cash assistance for seniors can transfer the funds to designated bank accounts in mainland China.

The new arrangement will provide these elderly people with an additional option, allowing them to directly receive assistance through their personal bank accounts in the mainland even if they are located there.

Country Garden Real Estate: CCL rose for 2 consecutive weeks, a total of 1.52%, breaking through the 142-point mark. The property prices temporarily increased by 3.52% by 2025.

Hong Kong banks have cut interest rates twice in a row, new property sales are thriving, which is good news for the real estate market. Second-hand transactions are also active. China Chemical (CCL) has risen for two weeks in a row, up a total of 1.52%, reaching a new high in 73 weeks since the end of June 2024.

Hong Kong Monetary Authority: Hong Kong banks are currently using generative artificial intelligence in different business areas.

Qu Yu Lin expressed that Hong Kong banks are currently utilizing generative artificial intelligence in different business areas.

In October, the number of inbound tourists to Macau was approximately 3.4725 million, an increase of 10.8% compared to the same period last year.

On November 21, data from the Statistics and Census Service of Macao showed that the total number of inbound tourists in October this year was 3,472,477, an increase of 10.8% compared to the previous year.

Hong Kong Treasury Bureau: Actively conducting research on the applicability of existing legislation to tokenized bonds in order to promote the adoption of tokenization technology in the Hong Kong bond market.

Xu Zhengyu said that the Hong Kong Treasury Bureau and the Hong Kong Monetary Authority are jointly advancing research on the applicability of existing laws to tokenized bonds, in order to promote the adoption of tokenization technology in the Hong Kong bond market. Details will be announced in the first half of next year.

Kenneth Leung: The Hong Kong government is committed to promoting the development of small and medium-sized enterprises. Connecting Mainland enterprises with global markets is an important strategy.

The Hong Kong government is currently dedicated to exploring new markets, creating a supportive environment for small and medium-sized enterprises, and ensuring safety. The strategy for promoting economic growth includes expanding the global network, with a key focus this year and next year on connecting mainland Chinese companies to global markets.

Hong Kong Dollar interest rates are rising across the board. The one-month interbank rate has risen for two consecutive days to 2.495%.

On November 21st, the Hong Kong dollar interbank interest rates all rose, with the one-month interbank interest rates relating to mortgage loans rising for two consecutive days, reaching 2.495%, an increase of 8.464 basis points.

Mainland China's top semiconductor company, Great Yit Semiconductor, officially establishes its presence in Hong Kong to expand into overseas markets with Hong Kong as its headquarters.

On November 21, the Invest Hong Kong (InvestHK) announced that Daxi Semiconductor Technology Co., Ltd. (Daxi Semiconductor) from mainland China has officially set up its headquarters in Hong Kong.

Lv Zhihong: The regulatory framework for stablecoins in Hong Kong is clear, issuers must meet multiple requirements such as capital, assets, and redemption.

Hong Kong Stablecoin Review Adjudication Department and Web3 Development Group member Lv Zhihong stated that Hong Kong has established a clear regulatory framework for virtual asset regulation, especially in the issuance and regulation of stablecoins.

GUM: Hong Kong's MPF Dropped in November, with an Average Loss of HK$4042 per Person in the First Half of the Month.

The Mandatory provident Fund consultant The GUM indicates that as of November 18, 2025, the Hong Kong Mandatory provident Fund market has experienced an adjustment in November, with overall performance shifting from an increase to a decline.

The Hong Kong Monetary Authority injected 20 million Hong Kong dollars of liquidity into banks through the discount window.

On November 20th, the Hong Kong Monetary Authority data showed that the HKMA injected 20 million Hong Kong dollars liquidity to banks through the discount window.

Hong Kong Banking Association: Expectations for US interest rate cuts cool, need to pay attention to changes in trade negotiations.

Xuan Huiyi said that looking ahead to the rest of the year, the global market environment is still full of uncertain factors, and we must continue to closely monitor the fluctuating trade negotiations and geopolitical situation.

In October, Hong Kong's Consumer Price Index (CPI) increased by 1.2% year-on-year.

Looking ahead, due to moderate local cost pressures and insignificant external price pressures, overall inflation in Hong Kong should remain mild in the short term.

FIRST PACIFIC Davis: The residential rental market in Hong Kong showed a strong overall activity in November, with stable demand across all price ranges.

In November, the residential rental market in Hong Kong showed a comprehensive active trend, with steady demand in various price ranges. The number of transactions for units with monthly rents of less than 100,000 Hong Kong dollars in Mid-Levels significantly increased, while high-end properties were concentrated in the price range of over 100,000 Hong Kong dollars per month.

The Hong Kong Special Administrative Region Government has announced the "New Territories Science and Technology Park Innovation and Technology Industry Development Plan Concept Outline".

On November 20th, the Hong Kong Special Administrative Region Government released the "Concept Outline of the Development Plan for the Science and Technology City" (the "Concept Outline"), which outlines the development vision, goals, positioning, industrial space layout, and development model for the 210-hectare startup and innovation land in the Science and Technology City, providing a clear development strategy for the Science and Technology City.

Hong Kong dollar interest rates have all increased significantly, with the one-month rate ending a five-week decline at 2.41%.

On November 20th, the Hong Kong dollar interbank interest rates all rose, and the one-month Hong Kong Interbank Offered Rate (HIBOR) related to mortgages ended a five-day decline, reporting 2.41036%, an increase of 12.667 basis points.

Hong Kong Commerce and Economic Development Bureau: Continues to encourage mainland entrepreneurs to establish headquarters in Hong Kong and enhance investment promotion efforts.

Looking ahead, the Hong Kong Special Administrative Region Government will continue to strengthen its efforts in attracting investment and talent, enhance its ability to engage internationally, and expand its network of economic and trade partners. Hong Kong will also increase contacts and communication with its sister cities in the Greater Bay Area, cooperate with each other, and promote the high-quality development of the Greater Bay Area.

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