Hong Kong’s Paul Chan banks on better market sentiments as retail sector stabilises

Hong Kong’s finance chief has anticipated improving market sentiments after downward trends in the retail, catering and property sectors show signs of stabilising, and the prospect of an interest-rate cut cycle emerging.
Financial Secretary Paul Chan Mo-po said on Sunday that authorities had been paying attention to the slow recovery of the retail and catering industries, even as the stock market proved to be robust, noting that their declining sales figures had stabilised over the past three to four months.

The minister added that property prices had also stabilised, prompting more applications for land premium payments and construction projects recently. He noted that the recent positive sales of new homes had digested part of the stock of unsold completed flats.

“Besides, the rate cut has begun. When people see a clearer prospect of the rate cut cycle and feel confident, the lived-in home market will be revitalised. The market sentiments will improve,” Chan told a radio show.

“Under such circumstances, when people feel more confident, they are more willing to spend.”

The Hong Kong Monetary Authority (HKMA) reduced the base rate by a quarter point to 4.5 per cent on Thursday, matching the United States Federal Reserve’s cut hours earlier to its target rate.

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