〈The Standard, Nov 4, 2023〉With developers racing to gain market share sales and, in the process, having a knock-on effect on prices and volumes in the secondary market, banks are adopting a more cautious approach and the result is a downward trend in valuations.

According to Hang Seng Bank's webpage, the latest valuations for units in 20 housing estates last month saw reductions in estimates for as many as 19 estates, with eight units experiencing declines of 3 percent or more, while only one unit remains unchanged.

The most significant decline was for a two-bedroom unit at Tuen Mun Town Plaza, specifically unit E in tower three, featuring a sellable area of 392 square feet, which is located on a high floor.

〈Asian Post, Nov 3, 2023〉Hong Kong’s gross domestic product (GDP) rose by 4.1% in the third quarter of 2023, thanks to improved domestic demand and services trade.

This is a faster rise than the 1.5%, according to advanced estimates from the Census & Statistic Department (CenStat).

On a seasonally adjusted quarter-to-quarter comparison basis, GDP increased by 0.1% in real terms in Q3 compared with Q2.

Private consumption rose by 6.5% in real terms during the quarter, extending the 7.7% expenditure increase in Q2.

〈Hong Kong Business, Nov 2, 2023〉Hong Kong’s provisionally estimated total retail sales in September rose by 13% year-on-year (YoY) to $31.8b in September on the back of the revival of inbound tourism and private consumption, data from the Census and Statistics Department showed.

For the first nine months of the year, estimated retail sales increased by 18.6% YoY.

During the month, online sales comprised 11% of the total, increasing by 22% YoY to $3.5b.

The jewellery, watches and clocks, and valuable gifts posted the highest estimated sales value with a 27.3% YoY increase during the month.

〈Asian Post, Nov 1, 2023〉The government revealed that its deficit was $177.7b for the first six months of 2023.

Expenditure for April to September was at $355.6b and revenue was $131.3b. A deficit was reported after taking into account the proceeds of $46.6b garnered from the issuance of green bonds.

The Government said the deficit was mainly "because some major types of revenue, including salaries and profits taxes, are mostly received towards the end of a financial year."

〈CNBC, Oct 31, 2023〉Hong Kong will slash stamp duties for property buyers to help boost its struggling real estate sector, while reducing levies on stock trades in a bid to kick start economic activity in the Asian financial hub.

This is the first time property cooling measures — in a variety of stamp duties known as "spicy policies" — will be relaxed effective Wednesday. They were first introduced in 2010 to curb red-hot property prices in a low interest rate environment.