Zhongyuan Asset Management Limited has established the Zhongyuan Family Office Wealth Management Center, and held the opening ceremony on July 31. The founder and chairman of Zhongyuan Group, Shi Yongqing, mentioned that when discussing the Hong Kong property market, he believes that this year there is a greater chance of improvement than further deterioration. He predicts that the property market will hit bottom in the third quarter and start to turn around in the fourth quarter. He believes that the figures from the Census and Statistics Department are outdated, and that the Hong Kong market will not be very bad for several reasons: 1) Hong Kong's economy is growing by around 3%, with rising wages, and a good economy translates to a good property market; 2) There is not an oversupply of residential properties in Hong Kong at the moment, absorption is normal, and the vacancy rate is decreasing year-on-year; 3) The trend of falling interest rates is strengthening, with a predicted rate cut by the Federal Reserves in September. If interest rates decrease, funds from the banking system will flow into the rental market, and the burden of property supply will be alleviated. If the family office wants to operate well in Hong Kong, the majority of its clients are doing business in mainland China. However, since the RMB is not freely convertible yet, Shi Yongqing hopes that RMB can circulate more easily to promote its internationalization. He also hopes that more offshore RMB can come to Hong Kong for investment, and that mainland enterprises or individuals can have a legal way to exchange their earnings into foreign currency. The government can collect a "capital outflow tax" to solve the problem, and funds coming to Hong Kong can have additional conditions attached. Additionally, Zhongyuan has always assisted family offices in various matters, and currently, clients are not satisfied with investments solely in real estate and are looking to participate in the financial sector as well. Zhongyuan holds a 40% market share in the primary market and over 20% market share in the secondary market. Biss Ming, the co-founder and general manager, stated that the company is still collaborating with banks and plans to introduce financial products in the future. The company's target customer group is in Asia, and they already have a certain customer base.