Hong Kong home prices to bottom out in short term after rate cut, analysts say

Quick Summary:

Unexpected prime-rate cut by local lenders seen bringing more buyers into market, shoring up prices.

When a bank lowers the prime rate, the interest rate for prime-linked mortgages also decreases, helping to reduce homebuyers’ monthly payments and overall financing costs.

Standard Chartered, Bank of East Asia, and ICBC (Asia), the local unit of China’s biggest lender, will cut their prime rate to 5.625 per cent.

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Article Details

Author / Journalist: Yuke Xie

Category: Business

Markets: Hong KongChina

Topics: Bank Rate Prime Banks’ Hong Cent Unexpected City’s Interest Kong Costs

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 18:30:08 (5 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 290 words

Reading Time: 2 minutes read

Sentences: 8 lines

Sentence Length: 37 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23562908

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