H
ong Kong's secondary property market failed to gain momentum over the weekend despite the US Federal Reserve's interest rate cuts, as mainland buyers remained cautious and stayed out of the market. Only seven deals were completed, a 53.3% drop from the previous week, marking an eight-week low according to Centaline Property. The transactions included three in South Horizons, one each in Metro City, Whampoa Garden, and Caribbean Coast.

    The lackluster response is attributed to mainland buyers' wait-and-see attitude, with local buyers now driving the market. "Mainland buyers and investors are still holding back," said Louis Chan Wing-kit, CEO of Centaline Property Agency's residential division. Despite this, appointment bookings for flats reached a new high over the weekend, with 1,130 bookings made at 50 estates in Hong Kong, up 7.6% from the previous week and marking nine consecutive weeks of growth, according to Ricacorp Properties.