Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook despite current challenges [1]. Core Insights - The report highlights the competitive landscape of Hong Kong commercial real estate, emphasizing that Hong Kong developers dominate the high-end market in mainland China, with significant advantages in sales per square meter compared to domestic developers [2][17]. - It notes that the real estate market is showing signs of stabilization, with policies expected to support demand and mitigate risks, particularly in first-tier cities [3]. - The report suggests that the financial health of Hong Kong developers is generally robust, with a focus on high-end commercial properties, which positions them well to benefit from increased consumer spending in mainland China [6][28]. Summary by Sections 1. Hong Kong Commercial Real Estate Landscape - Hong Kong developers like Hang Lung, Swire, and Sun Hung Kai dominate the high-end commercial sector, capturing a significant market share in major cities such as Shanghai, Beijing, and Guangzhou [2][17]. - The average sales per square meter for Hong Kong high-end projects (8.6 billion/10,000 sqm) significantly outperforms domestic counterparts (5.6 billion/10,000 sqm) [20]. 2. Market Performance - The report indicates that both A-shares and Hong Kong real estate stocks underperformed the broader market, with A-shares down 0.72% and Hong Kong real estate down 0.95% [3]. - The issuance of real estate credit bonds totaled 17.84 billion, with a net financing amount of 11.50 billion, reflecting ongoing challenges in the sector [4]. 3. REITs Market - The REITs index showed a slight decline of 0.11%, with the property-type REITs index at 118.22 points and the franchise-type REITs index at 118.85 points [4]. - The report notes that REITs have outperformed the CSI 300 index over the past month by 2.92 percentage points [4]. 4. Housing Market Trends - New and second-hand housing transaction volumes have seen significant year-on-year declines, with new housing down 34.37% and second-hand housing down 19.46% [6]. - The report anticipates a gradual recovery in the second-hand housing market, while new housing metrics are expected to stabilize [6]. 5. Land Market Dynamics - The report highlights a substantial increase in land supply and transaction volumes across major cities, with a 144.35% increase in supply and a 40.81% increase in transactions [5]. - The premium rate for land transactions has shown a slight increase, indicating a competitive bidding environment [5]. 6. Policy Outlook - The report outlines expectations for future policies aimed at stabilizing the housing market, including potential adjustments to purchase restrictions in first-tier cities and measures to alleviate inventory pressures [3].

集团旗下"帝"系酒店将免费提供共160个房间给有需要的灾民紧急暂住。 11月26日，香港大埔宏福苑发生火灾。为提供援助，新鸿基地产宣布捐出2000万港元作紧急支援；集团 旗下"帝"系酒店将免费提供共160个房间给有需要的灾民紧急暂住。 ...

此外，新鸿基地产表示，火灾发生当日，集团旗下不同业务单位随即响应、即时提供支援：邻近大埔宏 福苑的新达广场及大埔超级城实时为居民通宵开放；一田迅速运送应急物资至灾区；数码通SmarTone 大埔门市延长服务时间并提供紧急通讯服务支援；集团义工队亦已安排义工支援为相关受灾居民提供各 项服务。 （智通财经记者 唐莹莹） 11月28日，新鸿基地产表示，对香港大埔宏福苑发生火灾造成严重伤亡深感悲痛。为提供援助，新鸿基 地产宣布捐出2000万港元作紧急支援；集团旗下"帝"系酒店将免费提供共160个房间给有需要的灾民紧 急暂住。 同时，集团旗下商场综合会员计划"The Point"呼吁会员作出捐款，会员如在"The Point"平台以积分形式 向社会福利机构进行捐款赈灾，"The Point"将作出同等分数的捐款。 ...

Group 1 - The core viewpoint of the report is that the recovery of the Hong Kong real estate market will be a gradual process covering different asset sub-sectors [1] - The company expects investors to prioritize the recovery of the residential sector, followed by quality retail assets, and finally core office spaces [1] - The industry rating has been upgraded from "in-line" to "outperform," with New World Development and Link REIT identified as preferred picks for residential and commercial properties respectively [1] Group 2 - Key supports for market recovery include improvements in macro uncertainty (especially interest rate cuts), significant easing of the policy environment, and the return of fundamental demand drivers [1] - The company forecasts that residential rental levels will increase by approximately 3% to 5% in 2025, with annual increases of about 3% in 2026 and 2027 [1] - Residential prices are expected to rise by 3% to 5% in 2025, 5% in 2026, and 5% in 2027 [1]

（原标题：交银国际：上调香港房地产业评级至"领先" 看好新鸿基地产(00016)、领展房产基金 (00823)） 该行预期，投资者将优先布局住宅板块的复苏;其次是优质零售资产;最后是核心办公室。将行业评级 由"同步"上调至"领先"。越来越多的迹象显示实体市场正在回暖，预期深层的内在价值可望释放。经历 多年调整后，一系列重要催化剂正在显效，显示市场拐点已至。该行认为以下变化是市场复苏的关键支 撑:1)宏观不确定性的改善(尤其是降息);2)政策环境的重大宽松;3)基础需求驱动因素的回归，包括人口趋 势变化。 报告预计，香港持续的人口流入将继续推动住房需求，尤其是租赁需求。2025年租金水平预计上涨约3– 5%，2026与2027年年均增长约3%。未来价格的关键催化剂包括正向净租金回报率与降息，这将提升用 户购买力并刺激投资需求。预计住宅价格在2025/2026/2027年分别上涨3–5%/5%/5%。 智通财经APP获悉，交银国际发布研报称，把握香港楼市非对称复苏的机会。该行认为香港房地产市场 的复苏将不只是单一事件，而是循序渐进的过程，且涵盖不同资产子板块。新鸿基地产(00016)与领展 房产基金(00823) ...

Group 1 - The core viewpoint is that the recovery of the Hong Kong real estate market is a gradual process involving various asset sub-sectors, rather than a singular event [1] - The report identifies Sun Hung Kai Properties (00016) and Link REIT (00823) as preferred targets for residential and commercial properties, respectively, with target prices set at HKD 111.7 and HKD 45.7 [1] - The investment strategy prioritizes residential sector recovery, followed by quality retail assets, and then core office spaces, reflecting an upgrade in industry rating from "neutral" to "outperform" [1] Group 2 - The report anticipates that continued population inflow in Hong Kong will drive housing demand, particularly for rentals, with rental levels expected to rise by approximately 3-5% in 2025 and an average growth of about 3% in 2026 and 2027 [2] - Key catalysts for future price increases include positive net rental yields and interest rate cuts, which are expected to enhance purchasing power and stimulate investment demand [2] - Residential prices are projected to increase by 3-5%, 5%, and 5% in 2025, 2026, and 2027, respectively [2]

Core Viewpoint - The report from CMB International highlights the asymmetric recovery opportunities in the Hong Kong real estate market, indicating that the recovery will be a gradual process encompassing various asset sub-sectors [1] Group 1: Market Recovery Insights - The recovery of the Hong Kong real estate market is expected to be a multi-faceted process rather than a singular event [1] - Key catalysts for the market recovery include improvements in macroeconomic uncertainty, significant policy easing, and the return of fundamental demand drivers such as demographic trends [1] Group 2: Investment Recommendations - CMB International recommends New World Development (00016) and Link REIT (00823) as preferred picks for residential and commercial properties, respectively, with target prices set at HKD 111.7 and HKD 45.7 [1] - The firm anticipates that investors will prioritize the recovery of the residential sector, followed by high-quality retail assets and core office spaces [1] Group 3: Rental and Price Projections - Continuous population inflow in Hong Kong is expected to drive housing demand, particularly in the rental market [2] - Rental levels are projected to increase by approximately 3-5% in 2025, with annual growth of about 3% in 2026 and 2027 [2] - Residential prices are forecasted to rise by 3-5% in 2025, 5% in 2026, and 5% in 2027, driven by positive net rental returns and interest rate cuts [2]

Market Overview - The Hang Seng Index rose by 17.85 points, an increase of 0.07%, closing at 25,945.93 points with a total turnover of HKD 2,047.28 billion [1] - The National Enterprises Index increased by 2.5 points, closing at 9,164.87 points, a rise of 0.03% [1] - The Hang Seng Tech Index fell by 20.31 points, closing at 5,598.05 points, a decrease of 0.36% [1] Blue-Chip Stocks - Tencent Holdings decreased by 1.29%, closing at HKD 611.5 [1] - Hong Kong Exchanges and Clearing fell by 0.34%, closing at HKD 411.8 [1] - China Mobile dropped by 0.11%, closing at HKD 87.25 [1] - HSBC Holdings increased by 1.3%, closing at HKD 109 [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.2%, closing at HKD 40.04 [1] - Sun Hung Kai Properties rose by 0.97%, closing at HKD 99.2 [1] - Henderson Land Development fell by 0.47%, closing at HKD 29.74 [1] Chinese Financial Stocks - Bank of China decreased by 0.42%, closing at HKD 4.73 [1] - China Construction Bank rose by 0.24%, closing at HKD 8.23 [1] - Industrial and Commercial Bank of China fell by 0.15%, closing at HKD 6.49 [1] - Ping An Insurance decreased by 0.17%, closing at HKD 57.25 [1] - China Life Insurance increased by 2.17%, closing at HKD 27.32 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 1.13%, closing at HKD 4.47 [1] - China National Petroleum Corporation increased by 0.46%, closing at HKD 8.74 [1] - CNOOC Limited rose by 1.33%, closing at HKD 21.34 [1]

（原标题：新房销售火爆！香港房价或进入上升周期 内地买家功不可没） 香港楼市似乎悄悄按下了"加速键"。 记者采访发现，随着房价趋向合理，房贷利率下行以及租金的持续上涨，香港楼市租和买的"性价比"发 生变化，带来了积极的房价预期。 内地买家功不可没 黄经理也告诉记者，自己所在的机构在今年举办了"香港置业季"，安排大巴带客户去香港看房，反响热 烈。 积极的房价预期 记者也采访了香港上水的几位房产中介经理，受访人士表示，一方面，香港楼市"撤辣"及一系列政策组 合拳使得香港购房税负降低，刺激需求释放；另一方面，美联储降息带动香港房贷利率跟随下行，居民 购房负担持续降低。对于内地买家来说，香港住宅的租金回报率一直是参考的重要指标，多数片区的租 金回报率高于贷款利率激活了香港楼市的金融属性，积极的房价预期带来了香港楼市价值的重估，促进 了楼市的正向循环。 据美联物业研究中心综合土地注册处资料，截至11月24日，今年以来香港整体物业(包括一手私楼、二 手住宅、一手公营房屋、工商铺、纯车位及其他等)注册量已录得70245宗，较去年全年的67979宗上升 约3.3%，并自2021年后首度突破70000宗水平。金额方面，年内整体 ...

内地买家功不可没 "我刚刚从香港回来，客户花了250万港元买了一套300平方呎的两房单位，年租金收入保守有10万港元 左右，租金回报率超过4%。"在深圳罗湖口岸附近一家房产中介门店工作的黄经理常常往返深港两 地，"买新房的客户也很多，其中不乏近两年流入香港的人才，趁着政策松动和房贷利率下跌，决定'由 租转买'。" 香港新房的热度，更是令人感到目不暇接。记者梳理市场公开信息发现，近段时间以来香港多个新房项 目销售情况火爆。新世界发展旗下油麻地住宅项目瑧尔即将开售，63套房源累计收到超过1200张认购申 请，超额认购达18倍。相关数据显示，内地买家及"港漂"群体占比超六成。此外，新鸿基地产旗下香港 启德天玺 天第2期次轮销售56伙单位即日全数售罄，该项目已经连续两轮销售实现"日光"。湾仔春园街 SPRING GARDEN项目两小时售罄，套现超5.6亿港元。 新房项目捷报频传，内地买家似乎"功不可没"。中原地产亚太区副主席兼住宅部总裁陈永杰表示，以普 通话拼音登记的买家入市宗数已连续两个季度上升，今年第三季度录得3797宗，较第二季度的3559宗增 幅近7%。"除投资价值外，香港房产的身份象征、教育资源及资产避险功 ...