Hong Kong FS Chan to revise up full-year growth forecast, citing real estate recovery
Hong Kong Financial Secretary Paul Chan announced the city's full-year economic growth forecast will be revised upwards, following a stronger-than-expected 5.1% GDP growth in the first half of the year. He noted that the residential property market has seen a 7-10% rise this year, with commercial real estate also showing significant improvements in office rentals and vacancy rates. Chan added that full-year visitor arrivals are likely to exceed the target of 50 million, and while some industries face pressure, the overall unemployment rate remains stable at around 3.9%. Looking ahead, government economists are assessing factors such as high interest rates, geopolitical uncertainties, and upcoming elections for next year's growth.
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