A general view of Two International Finance Centre (IFC), HSBC headquarters and Bank of China in Hong Kong, China July 13, 2021.
REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 28 (Reuters) - Hong Kong private home prices extended a fall in October, dipping to their lowest since March 2017, official data showed on Tuesday, weighed down by higher interest rates and weak buying sentiment.
Home prices in the financial hub, one of the most expensive markets in the world, dropped 2.2% in October from the previous month.
Prices have dropped 4% in the first 10 months of the year after the sixth monthly decline in October.
Investment bank UBS has forecast that Hong Kong's home prices could drop another 10% in 2024 as borrowing costs in the city have surged to the highest level since 2007.
Persons:
Tyrone Siu, Martin Wong, Knight Frank, Clare Jim, Robert Birsel
Organizations:
International Finance Centre, HSBC, Bank of China, REUTERS, Realtors, Investment, UBS, Thomson
Locations:
Hong Kong, China, HONG KONG