'Property market to pick up next year'

Property consultancy firm Cushman and Wakefield on Thursday said Hong Kong's property market will start to pick up next year, if the rate-cutting cycle continues. The company's executive director, Rosanna Tang, said transactions and prices have stabilised following three rate cuts by the US Federal Reserve since September. "If interest rates continue to stay on a downward cycle and the Fed continue their rate cut policy and at the same time if the stock market could restore some of the momentum, then we expect the transaction volume in the residential market will continue to pick up and recover from this year's level. Then we can see the price rebound to follow in 2025," she told RTHK. Major banks, including HSBC and Bank of China (Hong Kong), have announced they are lowering their prime lending rates for the third time this year, trimming the cost of borrowing to the lowest level in two years.