HK Stock Market Move | Hong Kong property stocks generally rise, expectations of interest rate cuts boost the buying sentiment, and the weekend's top ten housing estates in Hong Kong achieved a new high in transactions in nearly six months.

Hong Kong property stocks rose across the board, as of the time of writing, WHARF REIC (01997) increased by 4.1% to HKD 22.85; CK ASSET (01113) rose by 4.06% to HKD 32.05; NEW WORLD DEV (00017) rose by 2.52% to HKD 6.92; LINK REIT (00823) rose by 2.09% to HKD 39. In terms of news, the latest data from Centaline Property showed that there were 15 transactions recorded in the top ten housing estates in Hong Kong over the weekend, a significant increase of 87.5% from 8 transactions last weekend, reaching a new high in about half a year since late March. Cheung Kong Property Holdings' Vice Chairman and President of the Residential Department in Asia Pacific, Chen Wing-kee, mentioned that the market generally expects the Federal Reserve to announce a rate cut at the upcoming meeting, with the recent market sentiment turning positive and the property market atmosphere becoming more optimistic. Many buyers are taking advantage of the lower interest rates before the cut to purchase properties, leading to a significant increase in property viewings and transactions. It is believed that the property market will continue to heat up after the rate cut. The current market is focusing on this week's Federal Reserve interest rate decision, with traders increasingly betting on a 50 basis point rate cut. Morgan Stanley predicts that compared to retail and office spaces, the residential market in Hong Kong will benefit more from the rate cut in the United States, with residential property prices expected to rebound by 5% next year, following an 8% decline this year, representing a 30% drop from the peak. The bank estimates that for every 100 basis point decrease in the Hong Kong Interbank Offered Rate, the average profit of Hong Kong property developers will increase by 5%.