Hong Kong Lowers Economic Growth Forecast, Q3 GDP Expands 4.1% Y/Y; China's Property Sector Under Scrutiny Amid Economic Challenges

Hong Kong has revised its economic growth forecast lower for the year, indicating continued tough times for the financial hub amid a subdued post-pandemic recovery. The Q3 GDP expanded by 4.1% year-on-year, in line with forecasts. Meanwhile, China's property sector is under scrutiny, with concerns about overcapacity and a struggling economy. The prolonged housing slump in China has led to less growth in the real estate sector, contributing to the economic slowdown. The selloff in China's stocks has surprised investors, prompting a reassessment of their strategies to align with Beijing's new economic model. Additionally, there is rising discontent among citizens due to concerns about China's lackluster economy and troubled property market, as well as challenges in attracting foreign direct investment.