Hong Kong's property market has softened, with the Centaline Property Leading Index (CCL) falling for the third straight week, wiping out all the short-term gains following the government's withdrawal of the cooling measures, and returning to the October 2016 level. Gordon Wu, founder of Centaline Group, mentioned in an interview with a cable news program that the change in expectation for an interest rate cut by the US, combined with the conservative valuations of local banks, have put pressure on Hong Kong property prices. He estimates that property prices will continue to be under pressure in the short term, but the decline will be slight and not significant. Potential buyers are still observing when the US will begin to cut rates. Wu stated that there is still demand for housing in Hong Kong, but it is now a question of whether to participate in the buying and selling market or the rental market. The shift towards the rental market is due to concerns about price trends. As interest rates begin to decline and the market judges that the Hong Kong economy is not too bad, unemployment rates have not worsened, and wages have also risen to some extent, confidence in investment in real estate will gradually recover. He also advocates that if highly skilled professionals are able to conveniently exchange Hong Kong dollars to buy property, it will immediately impact the local property market.