Hong Kong’s beleaguered real estate market is set for some relief after the city cut its base interest rate for the first time in four years, mirroring the Federal Reserve’s policy easing.

Hong Kong cut its base rate cut by half a percentage point for the first time in four years, kicking off a cycle that would help businesses and homeowners Hong Kong's de facto central bank cut its base interest rate for the first time in four years in lockstep with the US Federal Reserve,

The U.S. Federal Reserve on Wednesday lowered its benchmark interest rate by half of a percentage point, the first cut in more than four years, in a major policy shift less than seven weeks away from the presidential election.