Hong Kong home prices snap falling streak in April
[HONG KONG] Hong Kong's home prices ended four months of decline and edged up in April, government figures showed on Wednesday (May 28), as falling mortgage rates helped lift buying sentiment.
Private home prices rose 0.4 per cent in April from the month before, following a revised 0.3 per cent fall in March, data from the Rating and Valuation Department showed.
The prices have dropped 1.2 per cent so far this year to their lowest level since 2016.
Home prices in Hong Kong, one of the world's most unaffordable cities, have tumbled nearly 30 per cent from a 2021 peak, hurt by higher mortgage rates, a weak economic outlook, and poor demand as many professionals have left the territory.
Authorities tried to prop up the sector last year, lifting all curbs on property purchases and relaxing down payment ratios, but housing demand has remained soft.
Realtors forecast home prices in 2025 could rise or fall by 5 per cent, depending on the pace of official rate cuts and the severity of trade tensions between China and the United States.
Eddie Kwok, executive director of real estate consultancy CBRE, said if the interbank rate continues to fall, the residential property market may see a recovery as it may cost less to repay mortgage as compared to rent.
One-month Hong Kong dollar interbank rate Hibor, which many of the mortgage plans are linked to, hit a fresh three-year low this week, making mortgage rates more affordable for home buyers. REUTERS
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Mr Musk responded that Mr Trump's claim he was asked to leave was 'such an obvious lie' and 'so sad'. 'I'm very disappointed in Elon. I've helped Elon a lot,' Mr Trump said earlier during an Oval Office meeting with German Chancellor Friedrich Merz. 'He said the most beautiful things about me, and he hasn't said bad about me personally, but I'm sure that'll be next.' In a remarkable scene, Mr Musk rebuked Mr Trump in real time, firing off rebuttals on social media as the president spoke. 'Such ingratitude,' Mr Musk posted, citing his financial support for Republicans during the 2024 election. 'Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.' Mr Musk even floated the idea of creating a new political party 'that actually represents the 80 per cent in the middle'. Mr Musk denied that motivation in a post on X, saying he was fine with reducing the EV credits if lawmakers 'ditch the MOUNTAIN of DISGUSTING PORK in the bill'. The public display unleashed a new torrent of criticism from long-time Trump supporters who had greeted Mr Musk's appearance with weary suspicion. Former Trump aide Steve Bannon told the New York Times that the US should launch an investigation into the immigration status of Mr Musk, a naturalised citizen. 'I am of the strong belief that he is an illegal alien, and he should be deported from the country immediately,' Mr Bannon told the newspaper. Since leaving government, Mr Musk has criticised the Republican package – Mr Trump's 'one big, beautiful Bill,' as he calls it – because it is forecast to add to the US budget deficit. The legislation would eliminate a credit worth as much as US$7,500 for buyers of some Tesla models and other electric vehicles by the end of 2025, seven years ahead of schedule. That would cause a roughly US$1.2 billion hit to Tesla's full-year profit, according to JPMorgan analysts. 'I'm very disappointed because Elon knew the inner workings of this Bill better than almost anybody sitting here,' the president said. 'All of the sudden, he had a problem, and he only developed a problem when he found out we're going to have to the cut the EV mandate.' Mr Musk, in another retort, said he was not aware of the details. 'This Bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!' he said in a post on X. The pair have also clashed over Mr Trump's decision to withdraw the nomination of Mr Musk associate Jared Isaacman to lead the National Aeronautics and Space Administration. Mr Trump said he pulled back the choice after learning of Mr Isaacman's past support for Democrats. 'I didn't think it was appropriate,' Mr Trump said. 'He wanted that person, a certain person, and we said no.' The exchange is the latest in what has been a relatively swift break with Mr Musk, who served as a Special Government Employee overseeing cost-cutting efforts before leaving. Just May 30, Mr Trump staged an event for Mr Musk in the Oval Office, celebrating his tenure and thanking him. Mr Trump recalled that in the June 5 meeting with Mr Merz, poinring out that Mr Musk was sporting a black eye at the time. 'I said do you want a little make-up? We'll get you a little make-up, but he said 'no, I don't think so,' which is interesting and very nice,' Mr Trump said June 5. 'He wants to be who he is.' BLOOMBERG More on this Topic Black eye? That's just from my son, says Elon Musk Join ST's Telegram channel and get the latest breaking news delivered to you.
