Zhongyuan Real Estate: CCL has risen for 2 consecutive weeks to a new high of over 1.5 years, continue to challenge the high after the withdrawal of cooling measures.

Yang Mingyi, Senior Co-Chairman of the Research Department of China Real Estate, pointed out that the latest Central Plains City Leading Index CCL was 145.67 points, up 1.08% weekly, a total increase of 1.47% in two consecutive weeks, reaching a new high in 86 weeks (over 1.5 years) since May 2024. The most favorable interest rates of Hong Kong banks have reached historic lows, and the atmosphere in the Hong Kong property market is warming up, which is conducive to steady price increases. The CCL continues to challenge the target of 147 points (the high point after the removal of the hot stamp duty in 2024), as it only needs to increase by another 1.33 points or 0.91% to achieve it. In May 2025, the Hong Kong dollar interbank rate fell, and the Hong Kong property prices clearly turned around and rose, coupled with the stimulation of two interest rate cuts by local Hong Kong banks last year. The CCL, compared with the low point of 135.16 points in May last year when the hot stamp duty was removed, increased by 7.78%, just surpassing the increase of 7.69% after the customs clearance in 2023, marking the highest among the five rebound percentages in the past three years (the other three rebounds were 2.84% after the removal of the hot stamp duty in early 2024, 2.50% after three interest rate cuts in 2024, and 1.49% after the financial case in early 2025). In addition, the latest CCL increased by 7.99% compared to the low point of 134.89 points before the financial case in March 2025, by 7.22% compared to the low point of 135.86 points before the first interest rate cut in September 2024, and dropped by 23.87% compared to the historical high point of 191.34 points in August 2021. The Central Plains City Large Estates Leading Index CCL Mass reported 147.12 points, up 1.34% weekly. CCL (small and medium units) reported 145.98 points, up 1.29% weekly. CCL Mass and CCL (small and medium units) have both risen for two consecutive weeks, with cumulative gains of 1.60% and 1.70% respectively, setting a new high in 92 weeks (over 1.5 years) since the end of March 2024. CCL (large units) reported 144.05 points, a slight decrease of 0.03% weekly, and the index is the 5th highest in 74 weeks since early August 2024. Property prices in all four regions are rising. Kowloon CCL_Mass reported 147.33 points, up 1.80% weekly, with a total increase of 2.57% in two consecutive weeks, reaching a new high in 112 weeks (over 2 years) since mid-November 2023. New Territories West CCL_Mass reported 134.23 points, up 1.13% weekly, ending two weeks of decline, and reaching the 2nd highest level in 82 weeks (over 1.5 years) since early June 2024. Hong Kong Island CCL_Mass reported 141.72 points, up 1.11% weekly, with a total increase of 1.66% in two consecutive weeks, reaching the 7th highest level in 80 weeks since late June 2024. New Territories East CCL_Mass reported 160.19 points, up 0.99% weekly, setting a new high in 103 weeks (almost 2 years) since mid-January 2024.