Hong Kong’s retail and catering sectors, as well as the property market, are stabilizing, providing further support for domestic consumption, Financial Secretary Paul Chan Mo-po wrote in his Sunday blog.

The special administrative region’s economy maintained its growth momentum, having expanded 3.1 percent year-on-year in the second quarter of this year -- the 10th consecutive quarter of positive growth -- driven by positive increases in exports, domestic consumption and fixed investment.

The value of retail sales recorded a slight year-on-year rise in May and June, with a 0.3-percent hike in the second quarter. Figures for second-quarter restaurant receipts will be released this week and are expected to show a mild year-on-year jump.

ALSO READ: HK progresses in industry restructuring, finance and innovation

“These figures suggest that the retail and catering sectors are showing signs of stabilization although they are still under considerable pressure. We hope the industry will continue to work hard and constantly innovate, generating new business growth through innovation,” Chan said.

The finance chief reiterated that during the economic transformation process, the SAR government will continue to support affected groups, such as strengthening employment support and retraining services.

The local real-estate market is also stabilizing. “Residential property prices remain stable, rental performance is resilient, and the transaction volume has been more active. The average monthly transaction volume in the second quarter rose to about 5,600 -- a quarter-on-quarter increase of approximately 37 percent,” he said.

As property prices stabilize, the number of negative equity cases had dropped by seven percent, quarter-on-quarter to over 37,000 in the last three months. The government’s efforts to attract investment and talent have increased overall demand for buildings. The 84 key strategic companies introduced by the Office for Attracting Strategic Enterprises have committed a total floor area of 1.68 million square feet in office space leasing.

ALSO READ: Hong Kong remains as financially strong as ever

“A stabilized residential property market, the thriving financial market, a steadily improving economy, and the increase in workers’ real incomes will provide support for domestic consumption,” Chan said.

The SAR will continue to capitalize on the promotion of mega events that will inject new vitality into the tourism business.

Since the opening of Kai Tak Sports Park, it has become a major venue for local and international events, and has attracted over one million visitors. The events included more than 20 large-scale concerts by internationally and Asian-renowned singers and bands, attracting a total audience of 750,000, more than half of whom were tourists.

Two highly anticipated football extravaganzas at Kai Tak Sports Park drew nearly 100,000 fans, with one of the matches setting a new attendance record for the Kai Tak Sports Park’s Main Stadium.

READ MORE: Chan: Hong Kong GDP to keep upward momentum in Q2

“The National Games and the Wine and Dine festival at the end of this year are both opportunities for the industry. The SAR government will continue to work hard in organizing a series of major events in various fields to attract more overseas tourists to Hong Kong,” Chan said.

The Hong Kong Trade Development Council will launch the second Hong Kong Shopping Festival -- a month-long event promoting 260 popular local brands and 500 types of goods on major e-commerce platforms on the Chinese mainland, including Xiaohongshu, Douyin, Taobao and JD.com.

“The TDC is also organizing a series of specialized training programs to enhance Hong Kong businesses’ knowledge of cross-border e-commerce operations and marketing,” Chan said.