Home prices drop to lowest since September 2016
Hong Kong's home prices have fallen to their lowest level in almost eight years, with analysts predicting a further slump in the property market due to high interest rates.  Data released by the Rating and Valuation Department on Monday showed that private flat prices fell about 1.2 percent in June, pulling the official index down from 305.6 in May to 301.8.  Prices also dropped for the second straight month, plunging to their lowest since September 2016.  Martin Wong, senior director and head of research and consultancy for Greater China at Knight Frank, said high interest rates and the inventory of unsold units will continue to affect the city's property market.  "We still expect the prices to go down a little bit in the second half of the year. But the price drop will be narrowed, because people are expecting the US to cut the rates later this year, and it will increase the market confidence for some of the buyers... Across the whole year, the price drop will be about five percent," he told RTHK. Rents rose nearly 0.2 percent month-on-month in June to the highest level in four and a half years.  Wong said he expects rents to continue to go up steadily, saying levels are being boosted by the arrival of overseas students and people moving to Hong Kong under talent admission schemes.