Chen Ma-Bo: Hong Kong's Residential Property Market Sees Stable Growth, Financial Market Booms Amid Economic Stability
We learned from Chen Ma-Bo, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, that Hong Kong's economy has maintained a growth momentum. The latest economic data released last week also showed that Hong Kong's economy grew by 3.1% year-on-year in the second quarter, marking the tenth consecutive quarter of positive growth.
The real estate market is stabilizing, with property prices continuing to stabilize and rents showing resilience. Transaction volumes have significantly turned active, with an average of around 5,600 transactions per month in the second quarter, a year-on-year increase of approximately 37%. As a result, the number of negative equity cases decreased by 7% to around 37,000 in the same period.
Government efforts to attract businesses and talent have increased demand for office space. For example, 84 key enterprises have been introduced to Hong Kong, occupying an area of approximately 1.68 million square feet.
Said Chen Ma-Bo: "The residential property market has stabilized, the financial market is booming, and the economy is stable and growing. With a substantial increase in income for workers, there will be support for local consumption." At the same time, efforts should continue to support affected groups, including strengthening employment support and retraining services.
Original text follows:
Hong Kong's business environment
The Government recently published a report entitled "Hong Kong Business Environment: One Country, Two Systems, Unique Advantages" to introduce Hong Kong's latest developments and advantages to the public and foreign investors.
...