Group 1: Tax Changes and Impact on Companies - The Hong Kong government's new budget has raised the stamp duty rate on residential properties valued over HKD 100 million to 6.5% [1][3] - Morgan Stanley estimates that such properties will account for 0.3% of total transaction volume but 8% of total transaction value by 2025, predicting a negative impact on Wharf Holdings (00004) [1][3] - Other companies exposed to similar property risks include Hang Lung Properties (00101), Cheung Kong Holdings (01113), Henderson Land Development (00012), and Sun Hung Kai Properties (00016) [1][3] Group 2: Commercial Land and Market Conditions - For the second consecutive year, no commercial land has been released for sale, which is expected to support the office and retail property markets through improved supply and demand conditions [1][3] - Various talent programs have attracted 270,000 people to Hong Kong, with over 100,000 coming through the high-skilled talent pass, creating additional housing demand [1][3] Group 3: REITs and Regulatory Changes - The government is seeking to include Real Estate Investment Trusts (REITs) in the mutual market access mechanism and is introducing a bill to facilitate the privatization or restructuring of REITs [1][3] - There may be exemptions for stamp duty on the transfer of non-residential properties for REITs seeking to go public, which is viewed positively for Link REIT (00823) [1][3] Group 4: Market Outlook and Price Predictions - Morgan Stanley maintains a constructive view on the recovery of property prices, forecasting a 10% increase this year without expecting any tightening measures [2][4] - Local property stocks have risen approximately 20% to 50% year-to-date, indicating that some upside potential has already been absorbed [2][4] - Upcoming earnings periods may bring volatility due to declining profit margins and weak earnings outlook for 2026 [2][4]

Group 1 - The Hong Kong government has announced an increase in the stamp duty rate for residential properties valued over HKD 100 million to 6.5%, which is expected to negatively impact companies like Wharf Real Estate, Hang Lung Properties, Cheung Kong, Henderson Land, and Sun Hung Kai Properties [1] - Morgan Stanley estimates that such properties will account for 0.3% of total transaction volume but 8% of total transaction value by 2025 [1] - The commercial land market will not see any new commercial land sales for the second consecutive year, which is expected to support the office and retail property markets through improved supply-demand dynamics [1] Group 2 - The government has attracted 270,000 talents to Hong Kong, with over 100,000 coming through the high-end talent pass scheme, creating additional housing demand [1] - The government is seeking to include Real Estate Investment Trusts (REITs) in the mutual market access scheme and is introducing amendments to facilitate the privatization or restructuring of REITs, which could positively impact Link REIT [1] - Overall, Morgan Stanley maintains a constructive view on the recovery of Hong Kong property prices, forecasting a 10% increase this year, with no tightening measures expected [1] Group 3 - Hong Kong property stocks have risen approximately 20% to 50% year-to-date, indicating that some upside potential has already been absorbed [1] - The upcoming earnings season may bring volatility due to declining profit margins and weak earnings outlook for 2026 [1]

Group 1 - Morgan Stanley's report indicates that the Hong Kong government's new budget will raise the stamp duty rate on residential properties valued over HKD 100 million to 6.5% [1] - The bank estimates that such properties will account for 0.3% of total transaction volume but 8% of total transaction value by 2025, predicting a negative impact on companies like Wharf Holdings [1] - Other companies exposed to similar property risks include Hang Lung Properties, Cheung Kong, Henderson Land, and Sun Hung Kai Properties [1] Group 2 - For commercial land, there will be no new commercial land sales for the second consecutive year, which is expected to support the office and retail property markets through improved supply-demand conditions [1] - Talent programs have attracted 270,000 people to Hong Kong, with over 100,000 coming through the high-skilled talent visa program, creating additional housing demand [1] Group 3 - The government is seeking to include Real Estate Investment Trusts (REITs) in the mutual market access scheme and introduce amendments to facilitate the privatization or restructuring of REITs, potentially exempting stamp duty for REITs transferring non-residential properties [1] - This move is seen as a positive factor for Link REIT [1] Group 4 - Overall, Morgan Stanley maintains a constructive view on the recovery of Hong Kong property prices, expecting a 10% increase this year, with no tightening measures anticipated within the year [1] - Hong Kong property stocks have risen approximately 20% to 50% year-to-date, indicating that some upside potential has already been absorbed [1] - The upcoming earnings season may bring volatility due to declining profit margins and weak earnings outlook for 2026 [1]

Group 1 - Anta Sports-R (82020), JD Health-R (86618), and Geely Automobile-R (80175) have the highest short-selling ratios at 100.00%, 100.00%, and 95.46% respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and Meituan-W (03690) lead in short-selling amounts, with 2.193 billion, 1.867 billion, and 1.658 billion respectively [1] - Geely Automobile-R (80175), Tencent Holdings-R (80700), and Blue Moon Group (06993) have the highest deviation values at 56.09%, 35.57%, and 33.29% respectively [1] Group 2 - The top short-selling ratio rankings show Anta Sports-R (82020) at 100.00% with a short-selling amount of 29.79 thousand, followed by JD Health-R (86618) at 100.00% with 9.88 thousand, and Geely Automobile-R (80175) at 95.46% with 31.09 thousand [2] - The top short-selling amounts are led by Tencent Holdings (00700) at 2.193 billion, Alibaba-W (09988) at 1.867 billion, and Meituan-W (03690) at 1.658 billion [2] - The highest short-selling deviation values are led by Geely Automobile-R (80175) at 56.09%, followed by Tencent Holdings-R (80700) at 35.57%, and Blue Moon Group (06993) at 33.29% [2]

Group 1 - The core point of the article highlights the short-selling ratios and amounts for various companies, indicating significant market activity and investor sentiment towards these stocks [1][2]. Group 2 - The top three companies by short-selling ratio are China Resources Beer (80291), Great Wall Motor (82333), and JD Health (86618), all at 100.00% [1][2]. - The top three companies by short-selling amount are Meituan (03690) with 1.878 billion, Zijin Mining (02899) with 1.770 billion, and Tencent Holdings (00700) with 1.606 billion [1][2]. - The companies with the highest deviation values in short-selling are Kuaishou (81024) at 36.81%, Zhaojin Mining (01818) at 33.02%, and China Shipbuilding Leasing (03877) at 30.32% [1][2].

Core Viewpoint - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% rise in rental rates for this year [1] Group 1: Market Predictions - Property prices are expected to rebound by 5% this year after hitting a bottom last year, supported by strong purchasing power from mainland buyers [1] - Overall, the residential market is anticipated to experience an upward cycle that could last for several years [1] Group 2: Stock Recommendations - Morgan Stanley prefers stocks such as Sun Hung Kai Properties (00016), Cheung Kong Holdings (01113), and Henderson Land Development (00012), all rated as "Overweight" [1] - The firm is bearish on Wharf Real Estate Investment Company (00004), assigning it a "Underweight" rating [1] Group 3: Market Dynamics - Developers are becoming more active in the land market and are raising average prices for new development projects [1] - Despite improved market sentiment, the vacancy rate for commercial properties remains high, with only prime assets in Central expected to see rental increases [1] Group 4: Cost and Development Challenges - Significant increases in construction costs are likely to compress profit margins for residential projects and hinder the conversion of secondary office buildings or industrial properties into student accommodations [1]

Core Viewpoint - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% rise in rents for this year [1] Group 1: Market Predictions - Property prices are expected to rebound by 5% this year after hitting a bottom last year, driven by strong purchasing power from mainland buyers [1] - Overall, the residential market is anticipated to experience an upward cycle that could last for several years [1] Group 2: Company Preferences - Morgan Stanley prefers New World Development (00016), Cheung Kong Holdings (01113), and Henderson Land Development (00012), all rated as "Overweight" [1] - The firm is bearish on Wharf Real Estate Investment Company (00004), assigning it a "Underweight" rating [1] Group 3: Market Dynamics - Developers are becoming more active in the land market and are raising average prices for new development projects [1] - Despite improved market sentiment, the commercial property vacancy rate remains high, with only prime assets in Central expected to see rental increases [1] Group 4: Cost and Risk Factors - Significant increases in construction costs are likely to compress profit margins for residential projects and hinder the conversion of secondary office buildings or industrial properties into student accommodations [1] - Geopolitical risks and macroeconomic uncertainties may pose downward pressure on the market [1]

Group 1 - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% growth in rental rates for this year [1] - The firm favors New World Development, Cheung Kong Property, and Henderson Land Development, assigning them "overweight" ratings, while it is bearish on Wharf Real Estate Investment Company, giving it a "underweight" rating [1] - Recent discussions with JLL Hong Kong Chairman, C. K. Chan, indicated that strong purchasing power from mainland buyers is expected to drive property prices up by 5% this year after hitting a bottom last year, with this upward cycle likely to continue for several years [1] Group 2 - The report highlights that a reduction in interest rates and favorable capital market performance could provide further upward momentum for the property market, although geopolitical risks and macroeconomic uncertainties may pose downward pressures [1] - Despite an overall improvement in market sentiment, C. K. Chan noted that the vacancy rate for commercial properties remains high, with only prime assets in Central expected to see rental increases [1]

Core Viewpoint - Morgan Stanley expresses an optimistic outlook on the Hong Kong residential market, predicting a 10% annual increase in property prices by 2026 and a 5% growth in rental prices, although stock prices are expected to experience increased volatility ahead of earnings season [1] Group 1: Market Predictions - Property prices in Hong Kong are expected to rebound by 5% this year after hitting a low last year, with a potential upward cycle lasting several years, according to JLL Hong Kong Chairman, C. H. Tsang [1] - The forecast includes a 10% annual increase in property prices by 2026 and a 5% increase in rental prices [1] Group 2: Stock Ratings - Morgan Stanley favors stocks of Sun Hung Kai Properties, Cheung Kong Holdings, and Henderson Land Development, assigning them an "Overweight" rating [1] - The firm holds a negative outlook on Wharf Holdings and New World Development, assigning them a "Underweight" rating [1]

| 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 九龍倉集團有限公司 | | | 呈交日期: | 2026年2月5日 | | | I. 法定/註冊股本變動 | 不適用 | | 第 1 頁 共 10 頁 v 1.2.0 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 FF301 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | | ✔ 已符合適用的公眾持股量要求（見下方） | | 未符合適用的公眾持股量要求（見下方） | | 根據《主板上市規則》第13.32B條或第19A.28B條 / 《GEM上市規則》第17.37B條或第25.21B條（視情況而定）所載的有關股份類別的最低公眾持股量要求為： | | 適用的公眾持股量門檻 初始指定門檻 - 上市股份所屬類 ...