Centaline's report said property prices in the city have plunged for eight straight weeks, mostly tied to an extreme economic deceleration in the region as macroeconomic headwinds continue to increase.

The Central Plains City Index (CCL) is a monthly leading index that tracks property prices in Hong Kong. Regional investors use CCL to track the changing trend of the Hong Kong property market.

As a whole, the CCL Leading Index has tumbled to 180.32, -.36% w/w, -1.62% m/m, and has recorded the lowest level in 27-weeks.