US Fed Raised Interest Rates by 0.25%
The Federal Reserve raised interest rates on Wednesday for the second time in three months, by a quarter percentage point to a target range of 1% to 1.25% as it proceeds with its first tightening cycle in more than a decade. The Fed’s policy-setting committee indicated the economy had been expanding moderately, the labour market continued to strengthen and a recent softening in inflation was seen as transitory. The Fed gave a clear outline on its plan to reduce its US$4.2 trillion portfolio of Treasury bonds and mortgage-backed securities, and one more rate rise is expected by the end of this year.
AVA 61 Rolling Out the Smallest New Flats in Kowloon
Way Creation Ltd has uploaded yesterday the sales brochure of its Cheung Sha Wan new project – AVA 61. The project provides 138 units, sizing from 150 to 232 square feet. All the units are either studios or one-bedroom flats. The smallest 150-square-foot studio flat sets a new record of the tiniest flat in Kowloon new developments. Meanwhile, it provides a one-room featured flat of 232 square feet, but with a 1,415-square-foot platform.
Wah Kwai Estate Public House Broke Through HK$4m
Record high price transaction was made again in Aberdeen’s Wah Kwai Estate. A 544-square-foot unit in this public housing estate was sold at HK$4.05 million, or HK$7,445 per square foot – making it the most expensive public house (Green Form) in Hong Kong. On the other hand, a 591-square-foot unit in Rhythm Garden, San Po Kong was sold at HK$6.38 million, or HK$10,795 per square foot. Both prices broke the highest HOS (Green Form) market price records.