中原地产：香港9月住宅银主盘存量终止5季连升 季环比下跌10%

Core Insights - The residential property inventory in Hong Kong has decreased to 269 units as of September 2025, marking a reduction of 31 units or 10% from the previous quarter, ending a five-quarter increase but still remaining the second highest in 12 quarters [1][2] - The decline in inventory is primarily attributed to a significant drop in private residential units, which fell by 33 units or 15% to 193 units, while public housing inventory saw a slight increase of 2 units or 3% to 76 units [1] Inventory Breakdown - The inventory of private residential properties priced at or below HKD 20 million has decreased across all categories, with the most significant drop occurring in the 700 to 1,000 million HKD range, which saw a 35% decline [2] - For properties priced at HKD 5 million or below, HKD 500,000 to HKD 700,000, and HKD 1 million to HKD 2 million, the inventory fell by 13% to 15% due to higher sales volumes compared to new listings [2] Regional Analysis - In the third quarter, the inventory of private residential properties in the Kowloon, Hong Kong Island, and New Territories all experienced declines, with Kowloon seeing the largest drop of nearly 30%, while Hong Kong Island's inventory decreased by over 10% [2] - Specifically, Kowloon had 60 units, down 29% quarter-on-quarter; Hong Kong Island had 36 units, down 12%; and New Territories had 97 units, with a slight decrease of 3% [2]