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Real estate indicators in Hong Kong SAR

This paper provides an overview of available real estate indicators in Hong Kong SAR that may be used for monitoring the vulnerabilities of the banking sector and the economy to fluctuations in property prices. These include mainly two types of statistics: property prices and banks’ exposure to property-related lending. The paper also reviews the nexus between property prices, the macroeconomy and the banking sector in Hong Kong SAR, drawing on studies carried out at the research department of the Hong Kong Monetary Authority in recent years. This paper was prepared for the BIS/IMF Conference on Real Estate Indicators and Financial Stability, 27-28 October 2003. The views expressed are solely the authors’ and not necessarily those of the HKMA.