Zhongyuan Real Estate: CCL fell by 0.27% on a weekly basis, marking a 17-week low after two consecutive weeks of decline.

Yang Mingyi, Senior Joint Director of the Research Department of CRIC, stated that the latest Central Plains City Leading Index CCL was 137.02 points, a decrease of 0.27% on a weekly basis, reflecting the market conditions of the week when Hong Kong large banks maintained the most favorable interest rates on February 3 and China announced a series of retaliatory measures on February 4 in response to tariffs. With the disappointment of the interest rate cut expectation and the escalation of market concerns, the CCL has dropped for 2 consecutive weeks, totaling 1.05%, reaching a 17-week low since October last year. CRIC pointed out that the index is approaching the low point of 135.86 points before the first interest rate cut in September last year, and after the interest rate cut, the increase in property prices has narrowed to only 0.85%. Multiple new projects have offered low prices to attract buyers after the Lunar New Year, while the pressure on the short-term second-hand market remains unchanged. However, some large new projects have performed well in sales, and the new measures to reduce stamp duty are expected to stimulate an increase in transactions of affordable housing units, improving the atmosphere of the Hong Kong property market. The CCL in the second quarter may gradually reach its bottom and rebound. The CCL is still at a low level of nearly 8 and a half years, hovering around the level in September 2016. This year, Hong Kong property prices have temporarily decreased by 0.45%. The index has dropped by 28.39% from its historical high of 191.34 points in August 2021, and by 4.2% from the low of 143.02 points before the cooling measures in March 2024. YOHO WEST PARKSIDE in Tuen Mun announced the prices of the first 105 units on February 25, and the budget announced on February 26 relaxed the stamp duty threshold to properties below 4 million Hong Kong dollars, lifting the Hang Seng Index above 24,000 points at one point and the first round of sales of 148 units at Belgravia Place 2 in Cheung Sha Wan. The impact on Hong Kong local second-hand property prices will only be reflected in the CCL to be released at the end of March this year. The Central Plains City Large Estate Leading Index CCL Mass reported 137.45 points, a decrease of 0.30% weekly. The CCL (small and medium-sized units) reported 136.40 points, a decrease of 0.26% weekly. The CCL (large units) reported 140.09 points, a decrease of 0.31% weekly. In terms of property prices in the four districts, Kowloon and Hong Kong Island saw a decline, while the New Territories saw an increase. CCL Mass in Kowloon reported 134.07 points, a weekly decrease of 1.19%, the largest decrease in 21 weeks. CCL Mass in Hong Kong Island reported 138.03 points, a weekly decrease of 0.73%, totaling 0.99% over 2 weeks. CCL Mass in the New Territories East reported 149.32 points, a weekly increase of 0.18%. CCL Mass in the New Territories West reported 125.22 points, a weekly increase of 1.15%, the largest increase in 16 weeks.