Central Plains CCL fell by 0.27% per week, but softened after two weeks of consecutive increases.

Yang Mingyi, senior co-director of the research department of China City Inventory, pointed out that the latest China City Leading Index (CCL) reported 136.34 points, a weekly decrease of 0.27%, ending a 2-week consecutive increase. This is due to the announcement of the first batch of price lists for 158 units on April 15th by SIERRA SEA, as well as the market conditions during the Easter holiday period from April 18th to 21st. Recently, the second-hand housing market has been in a tug-of-war, with owners holding a strong stance while buyers are unwilling to offer higher prices. The CCL has remained at the 136-point level for 6 consecutive weeks. New developments are selling well, and interest rates have significantly fallen, causing HIBOR to fall below the capped rate again for the first time in a year and a half. The news of rate cuts and market support measures by China and the progress of the US-China trade negotiations have positively impacted the property market. However, developers are actively launching multiple new projects, which may put pressure on the prices of second-hand properties. It is believed that the short-term soft downward trend of CCL remains unchanged, with a target of 133 points for the second quarter, currently differing by 3.34 points or 2.45%. The CCL is still at a low level that has not changed for over 8 and a half years, hovering around the level at the end of August 2016. In the 7 weeks after the financial crisis, property prices have risen by 1.07%, while they have temporarily fallen by 0.94% in 2025. Compared to the low of 135.86 points before the first rate cut in September 2024, the index has risen by 0.35%. However, compared to the historical peak of 191.34 points in August 2021, it has dropped by 28.74%, and compared to the low of 143.02 points before the cooling measures in March 2024, it has fallen by 4.67%. On May 8th, the Federal Reserve and major banks in Hong Kong maintained interest rates. The 1-month HIBOR sharply fell, and the first list of 160 units for the SIERRA SEA phase 1B was announced. The clearing of the third round of price lists for the SIERRA SEA phase 1A(2) was completed on May 7th. The impact of market support measures and US-China negotiations on local second-hand property prices will be reflected in the CCL released in late May 2025. The China City Large Estate Leading Index (CCL Mass) reported 137.01 points, a weekly decrease of 0.06%. The CCL (small-medium units) reported 136.08 points, a weekly decrease of 0.11%. The CCL (large units) reported 137.70 points, a weekly decrease of 1.03%. Property prices in the four regions fluctuated, with variations between decreases and increases. The CCL Mass for Hong Kong Island reported 134.73 points, a weekly decrease of 1.51%. The CCL Mass for the Western New Territories reported 126.00 points, a weekly decrease of 0.55%. The CCL Mass for Kowloon reported 134.69 points, a weekly increase of 0.19%. The CCL Mass for the Eastern New Territories reported 148.98 points, a weekly increase of 2.13%. In the 2025 eight major property price indices, the CCL has fallen by 0.94%, CCL Mass by 0.81%, CCL (small-medium units) by 0.67%, CCL (large units) by 2.24%, Hong Kong Island by 2.77%, Kowloon by 0.66%, Eastern New Territories by 0.40%, and Western New Territories by 1.84%.