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HONG KONG, May 10, 2013 /PRNewswire/ -- According to "RICS Bi-weekly Asia Economic and Real Estate Research" released on 3 May 2013, the latest data suggest the economy is losing some steam as it heads into the second quarter. While seasonal distortions explain some of the softening, there seems to be an underlying loss of momentum. Disappointing manufacturing PMI data for April underlined the fading momentum. Moreover, retail sales activity cooled in March, providing further signs of a slackening in economic growth. On a positive note, exports ticked up in March, surprising to the upside with an 11.2% increase year-on-year. The better-than-expected reading is partially driven by the growth in intra-regional trade.
RICS believes that the economic growth in Hong Kong can still pick up at a steady pace this year, provided that China remains on track to post a gradual recovery and we do not see a pronounced deterioration in the global economic environment. That said, the pace of improvement will likely be slow in the coming few months and a notable GDP rebound will not take place until the second half of the year.
On the housing front, the implementation of the new double stamp duty in late February has triggered an immediate cooling of sales and some stabilization of home prices. While the cooling measures may raise the possibility of downward adjustments in residential housing prices in the near term, RICS judge the likelihood that the residential property market will experience a sharp fall in prices as low.
To see the full details of the report, please download from www.ricsasia.org
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RICS is the world's leading qualification when it comes to professional standards in land, property and construction.
In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.
Over 100 000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.
RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.
The RICS Asia supports a network of over 11,000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.
The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan region, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org
