Hong Kong Monetary Authority, Chief Executive, Eddie Yue Wai-man, said today the financial system is stable and the Linked Exchange Rate System is operating normally despite the challenges posed by the virus epidemic. Speaking at a Legislative Council Panel on Financial Affairs meeting, Yue said as there is a downturn in retail and tourism sectors, the unemployment rate is expected to rise, and the impact on small and medium-sized enterprises will be greater. As for property prices, Yue said the prices in Hong Kong increased in the first half of last year but fell slightly in the second half due to the "social incidents," adding that transaction volume also fell. Since November last year, property has fluctuated slightly, and it was relatively quiet in February overall, he said. But as there are more property viewings and more transactions in recent days, price trend needs to be observed, he said.

Source: The Standard March 02, 2020 04:31 UTC