Shi Yongqing: Hong Kong property market faces certain pressure at the beginning of the year, with a potential drop of one to two percentage points in the first quarter.

Founder and Chairman of Zhongyuan Group, Shi Yongqing, stated at a forum that the Hong Kong property market will face certain pressures at the beginning of this year, with a possible decline of one to two percentage points in the first quarter. However, as the trend of interest rate cuts is confirmed, the market will slowly recover. Regarding supply, Shi Yongqing mentioned that future supply should decrease. Due to a large accumulation of inventory by developers and a decrease in new investments, developers will not be able to control future supply and demand, leading to a situation of high demand and low supply. In terms of the mainland property market, he mentioned that the central government has introduced a series of policies which have greatly improved the first-tier cities in mainland China. There has been an increase in transactions in the primary market and signs of stabilization in prices in the secondary market. If the mainland policies continue to show significant results, they will also have a positive impact on the Hong Kong property market. In 2024, there will be a significant increase in transactions in the primary market in Hong Kong, indicating a growing interest from buyers entering the market. Shi Yongqing believes that this trend will continue. However, the pressure on developers has not been completely eliminated yet.