Hong Kong property market gets reprieve on rates, but position remains precarious
Major banks hold rates steady despite Fed action, but some sellers and buyers are already anticipating increases later, agents say
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Hong Kong’s property market dodged an immediate hit from the Federal Reserve’s rate hike on Thursday as major local banks kept their prime rates unchanged, but another increase could puncture the market’s relatively fragile recovery, according to industry insiders.
The Fed raised its benchmark rate by a quarter point at its latest meeting on Wednesday in the US, but HSBC and other major Hong Kong banks left their prime rates unchanged.
The decision should have no immediate impact on the local property market, said Joseph Tsang, chairman of JLL Hong Kong. “However, the market outlook depends on whether US rate hikes will continue.”
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