Hong Kong Property: In July, the cumulative inventory in Hong Kong rose by 6.6% month-on-month, still about 22% lower than last year's peak.

According to data from the Research Department of Hong Kong Property, the cumulative number of unsold residential units (including pre-sale and completed units) in Hong Kong as of the end of July reached approximately 17,965 units, an increase of about 6.6% compared to approximately 16,850 units in June, marking a new high for the year. However, compared to the peak of approximately 23,121 units in January last year, this still represents a decrease of about 5,156 units, a drop of 22.3%. Wang Pindi, Director of the Research Department of Hong Kong Property, stated that the recent adjustment in the Hong Kong stock market, combined with sustained active trading, has led to a need for the Hong Kong property market to rebuild purchasing power, resulting in a slower pace of transactions for new homes in recent months. According to a comprehensive analysis by the Research Department of Hong Kong Property from the "Primary Residential Property Sales Information Network" and market news, the new sales market has recorded fewer than 1,000 transactions for two consecutive months. However, with the Hang Seng Index rebounding from its low in July and the market atmosphere gradually improving, developers have also accelerated their launch pace. Driven by this, the number of transactions in the first half of July increased significantly from only 194 in the first half of the month to 615 in the second half, more than doubling, reflecting a recovery in the performance of new developments. Nonetheless, with the introduction of large new developments in July, units could not be fully absorbed by the market in real time, leading to an increase in the volume of unsold units month-on-month. When comparing the cumulative unsold unit volume in July with the high point in January last year, divided by the three districts, the New Territories saw a decrease from approximately 6,602 units in January last year to about 4,819 units in July this year, a reduction of 1,783 units, the most significant drop among the three districts, at 27%. The Kowloon District (including Tseung Kwan O and Sai Kung) saw a decrease from about 12,993 units in January last year to approximately 10,065 units in July this year, a reduction of about 2,928 units, with the largest reduction in number among the three districts at 22.5%. Meanwhile, the Hong Kong Island District (including Discovery Bay) had a drop from approximately 3,526 units in January last year to about 3,081 units in July this year, a reduction of about 445 units, representing a decrease of approximately 12.6%.