13.
As the airport talks on financial arrangements and the US-China trade disputes on market access in China remained unsolved the Hang Seng Index dived 123 points during September to close the month at 5 505. Average daily turnover tumbled to $1.75 billion in September, from $2.40 billion in August.
Property
14.
The residential property market has undergone some consolidation from its hectic activity and price upsurge earlier. Maintenance of a relatively tight mortgage lending policy by the major banks continued to have some restraining effect. Prices softened somewhat, although rentals continued to show a steady increase. In the market for shopping space, demand was maintained with prices and rentals generally holding steady. A moderate increase in rentals was recorded in prime locations. The demand for office space continued to rise, along with a small pick-up in rentals in some instances. The sales market for office strata also attracted greater interest. The market for factory space remained generally sluggish. However, well- located modern industrial buildings designed for both manufacturing and ancillary office use were favoured.
15.
Results of the Government land auctions on 18 September were mixed. While the commercial site in Shau Kei Wan fetched a much higher than expected price, the residential site on Lantau Island and the industrial site in Tuen Mun received only lukewarm responses.
Investment
16.
Retained imports of capital goods increased sharply by 19% in real terms in the first seven months of 1992 over a year earlier. Within this category, retained imports of industrial machinery for manufacturing use registered an increase of 16%. Building and construction activity remained sluggish, partly because of the slippage in some airport and related projects.
Economic indicators
16. appendix.
The main economic indicators are shown in the following statistical
(2) See footnote (1)
3