Central Plains CCL increased by 0.25% weekly, and it is expected that the second-hand property prices in Hong Kong will continue to be under pressure in the short term.

Yang Mingyi, Senior Co-Chairman of the Research Department of Zhongyuan Real Estate, pointed out that the latest Zhongyuan City Leading Index (CCL) reported 136.71 points, up 0.25% weekly. This was during the week when global stock markets tumbled on April 7th, and during the week when China and the United States imposed tariffs on each other on April 9th. Although CCL has risen for 2 consecutive weeks by a total of 0.26%, the increase was modest, with the index hovering narrowly around the 136-point level for 5 consecutive weeks. Concerns about escalating trade conflicts have made buyers cautious and unwilling to chase prices, while property owners hope for narrower price negotiations due to expectations of interest rate cuts. This has led to a tug-of-war situation between the two parties, as most of the mid-priced properties have been consumed, resulting in a significant drop in second-hand transactions and a standoff in property prices. As the situation between China and the US remains uncertain, and with low-priced promotions for new properties in the market, it is believed that second-hand property prices will continue to be under pressure in the short term. CCL's target for the second quarter is 133 points, currently differing by 3.71 points or 2.71%. CCL remains at a low level unchanged for over 8 and a half years, reminiscent of September 2016 levels. In the 6 weeks following the financial case, property prices have risen by 1.35%, while prices have temporarily fallen by 0.68% since 2025. Compared to the low of 135.86 points before the first interest rate cut in September 2024, there was an increase of 0.63%, a decrease of 28.55% from the historical high of 191.34 points in August 2021, and a decrease of 4.41% from the low of 143.02 points before the cooling measures were lifted in March 2024. On May 3rd, Sierra Sea in West Kowloon released 288 units in the second round, receiving over 42,000 applications, setting a new record for the highest number of applications received for new projects in Hong Kong. The impact on second-hand property prices in Hong Kong will only be reflected by the CCL to be announced at the end of May 2025. In the 8 major property price indices for 2025, CCL has fallen by 0.68%, CCL Mass has fallen by 0.75%, CCL (small and medium-sized units) has fallen by 0.56%, CCL (large units) has fallen by 1.21%, Hong Kong Island has fallen by 1.28%, Kowloon has risen by 0.47%, New Territories East has fallen by 1.69%, and New Territories West has fallen by 1.29%. The Zhongyuan City Leading Index for large housing estates, CCL Mass, reported 137.09 points, a weekly decline of 0.11%, and a total decline of 0.84% over 4 weeks. CCL (small and medium-sized units) reported 136.23 points, a slight increase of 0.03% weekly, stabilizing after 3 consecutive weeks of decline. Both CCL Mass and CCL (small and medium-sized units) indices continue to remain at levels reminiscent of the end of August 2016. CCL (large units) reported 139.14 points, a weekly increase of 1.35%, a total increase of 1.69% over 2 weeks, with the index hovering around the end of September 2016 levels.