The value of commercial property transactions in Hong Kong plunged nearly 32 percent to HK$2.75 billion in July from the previous month, as investors remained on the sidelines ahead of expected interest rate cuts.

And the number of deals edged down by 1.7 percent month-on-month to 238 cases, data from a property agency also showed.

Transaction turnover and volume also decreased by 26.2 percent and 4.8 percent respectively from a year ago.

The value of shop transactions posted a 24 percent fall month-on-month to HK$926 million in July, with the number of deals at 51, two lower than the previous month.

Industrial buildings recorded 155 deals worth a total of HK$1.04 billion, down by 26.6 percent month-on-month and 40 percent year-on-year.

The agency said the sluggish figures in industrial properties were due to a lack of deals above HK$5 million and discounts offered by developers.