CRIC Realty: CCL fell by 0.73% from the previous week, marking the largest decrease in 12 weeks.

Yang Mingyi, senior joint director of research at CRIC, stated that the latest Central Plains Urban Leading Index (CCL) reported 137.15 points, a decrease of 0.73% on a weekly basis, marking the largest decline in 12 weeks. This was attributed to the threat made by Trump on November 26 to sign an executive order in January after taking office to impose additional tariffs on Chinese imports, as well as the special one-time arrangement for mortgage loans for residential properties launched by the Hong Kong Monetary Authority on December 4. This week marks the 12th week since the interest rate cut in September. During this period, the CCL saw seven increases and five decreases, with a modest 0.95% rise from the pre-cut low of 135.86 points. Despite an initial increase of up to 2.16% after the interest rate cut, secondary trading activity remained subdued, and the momentum of rising property prices in Hong Kong was lacking, with increases gradually narrowing to less than 1%. The CCL has been hovering around 138 points for eight consecutive weeks, indicating ongoing fluctuations in the short-term trend. The CCL remains at its lowest level in over 8 years, hovering around levels seen in September 2016, with Hong Kong property prices temporarily falling by 6.83% in 2024. The index has fallen by 28.32% from its historical high of 191.34 points in August 2021, and by 4.1% from its pre-cooling off level of 143.02 points in March of this year. The impact of the Christmas holiday on local second-hand property prices in Hong Kong will only start to be reflected in the CCL released in mid-January 2025. The Central Plains City Large-scale Residential Leading Index (CCL) reported 137.21 points, a decrease of 0.76% on a weekly basis. The CCL (small and medium-sized units) reported 136.21 points, a decrease of 0.75% on a weekly basis. The CCL (large units) reported 141.82 points, a decrease of 0.61% on a weekly basis. In terms of district property price indices, three saw decreases while one saw an increase. The CCL on Hong Kong Island reported 136.34 points, a decrease of 1.26% on a weekly basis. The CCL in Kowloon reported 132.23 points, a decrease of 1.14% on a weekly basis. The CCL in the East New Territories reported 148.86 points, a decrease of 0.71% on a weekly basis. The CCL in the West New Territories reported 128.79 points, an increase of 0.3% on a weekly basis. For the full year of 2024, the CCL fell by 6.83%, the CCL for small and medium-sized units fell by 6.7%, the CCL for large units fell by 7.48%, Hong Kong Island saw a 6.4% decline, Kowloon saw a 6.74% decline, East New Territories saw a 7.71% decline, and West New Territories saw a 6.67% decline.