13.
The prices of local stocks continued their upward movement in the early part of November, with the Hang Seng Index rising to a historic high of 6 447 on 12 November. But the argument between the British and Chinese governments over the constitutional changes in Hong Kong sent the market down in the latter half of the month. The Hang Seng Index slide to 5 811 at end-November.
Property
14.
The residential property market remained soft, with prices showing some slight downward adjustment amidst thin trading. Nevertheless, housing rentals rose further, in particular for large flats. In the market for shopping space, prices and rentals held steady, supported by the sustained robust performance of retail sales. The market for office space continued to show signs of firming up. The market for factory space remained static. Well-located modern industrial buildings designed for both manufacturing and ancillary office uses attracted greater interest.
15.
Results of the Government land auctions on 27 November were mixed. While response to the industrial site in Yau Yat Tsuen was better than expected, the non-industrial site on the Lantau Island was sold only at the opening price.
Investment
16.
Retained imports of capital goods increased sharply by 20% in real terms in the first nine months of 1992 over a year earlier. Within this category, retained imports of industrial machinery for manufacturing use registered an increase of 15%. On building and construction, while private sector activity remained slack, public sector activity seemed to have revived somewhat.
Updated GDP and price forecasts for 1992
17.
On 27 November, the Government announced the results of its regular review of the GDP and price forecasts for 1992. Details are shown in the following table. In this update, the forecast growth rate in real terms of the GDP was maintained at 5%. The forecast rate of increase in the Consumer Price Index (A) was also kept unchanged at 9.5%. But adjustments were made to some components of the GDP.
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