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Sales of the newly launched Mori apartment complex in Tuen Mun experienced a lackluster weekend, with only 23% (36 out of 158 units) being sold. This reflects the prevailing cold sentiment in the real estate market.
Examining the monthly chart of the Centa-City Leading Index (CCL), it becomes evident that its monthly Relative Strength Index (RSI) has resumed its decline after a failed challenge to the orange level of 43 (highlighted by the red box). This recent pattern is similar to those in 1995 and 1999. On both of those occasions, the CCL continued its downtrend (indicated by the white arrows), suggesting that there may still be considerable downside potential for the Hong Kong property market in the near future.
