According to the Zhitong Finance APP, Centaline (Commercial Properties) reported that in the first quarter of this year, there were 962 transactions of commercial properties in Hong Kong, an increase of 23% month-on-month; the transaction amount was approximately HKD 12.1 billion, a decrease of 26% month-on-month. As for the second quarter, the market gradually reflected the impact of the trade war. Centaline (Commercial Properties) Managing Director Pan Zhiming estimated that in the second quarter of this year, the transaction volume of commercial properties in Hong Kong would be 930 transactions; the amount would be HKD 11 billion, representing a month-on-month decrease of 3% and 9%, respectively. The overall transaction prices and rental trends in the second quarter are expected to decrease by 10% and 5% to 10% month-on-month, respectively. Rental transactions are expected to reach 3,900, an increase of 12% month-on-month. Pan Zhiming believes that the trade war will lead to a reduction in short-term commercial activities, with a strong wait-and-see atmosphere. For instance, in terms of relocation and expansion, many large enterprises are currently holding back. He also mentioned that although the U.S. interest rate cuts this year would help the commercial property market, they would not have a significant impact on prices. For the second quarter, the forecast for industrial building transaction volume is 500 transactions, a decrease of 7% month-on-month; the number of commercial buildings is 180 transactions, a year-on-year decrease of 21%; and the number of shops is 250 transactions, an increase of 29.5% month-on-month. Huang Weiji, Director of Centaline (Commercial Properties), expects that established owners will continue to sell off their properties, with some sources possibly tracing back to projects purchased in 2008, mainly due to the impact of interest rates. He stated that the second-hand market is currently "struggling to stabilize."