Group 1 - The overall sentiment of surveyed residents in Hong Kong is more cautious than expected, despite stable financial conditions over the past 12 months [1] - The number of respondents with a positive outlook on Hong Kong's economic prospects for the next 12 months has decreased, which has suppressed consumer willingness [1] - Investment sentiment remains relatively stable, with key concerns among respondents including rising living costs and job security [1] Group 2 - UBS believes that the positive momentum in Hong Kong's financial sector should support overall economic and labor demand, with potential for improvement in resident confidence by 2026 [1] - The firm maintains a positive outlook on the real estate and financial sectors, removing Henderson Land Development (00012) from its preferred stock list and replacing it with Sino Land Company (00083) due to higher dividend visibility [1] - Other stocks included in the preferred list are AIA Group (01299), Swire Properties (01972), Galaxy Entertainment (00027), and Wynn Macau (01128) [1]

Core Viewpoint - UBS's report indicates that Hong Kong residents exhibit a more cautious sentiment regarding investment and consumption intentions than expected, with a decrease in the number of respondents holding a positive outlook on the economic prospects for the next 12 months [1] Group 1: Economic Sentiment - Respondents' financial situations have remained stable over the past 12 months, but their positive outlook on Hong Kong's economic prospects has diminished, which has suppressed consumption intentions [1] - The most concerning issues for respondents include rising living costs and job security [1] Group 2: Investment Outlook - Investment intentions have remained relatively stable, supported by the positive momentum in Hong Kong's financial sector, which is expected to bolster overall economic and labor demand [1] - The robust performance of Hong Kong and A-shares is anticipated to create a positive wealth effect, suggesting that resident confidence may improve by 2026 [1] Group 3: Sector Recommendations - UBS maintains a positive outlook on the real estate and financial sectors, removing Henderson Land Development (00012) from its preferred stock list and replacing it with Sino Land Company (00083) due to higher dividend visibility [1] - Other stocks included in the preferred list are AIA Group (01299), Swire Properties (01972), Galaxy Entertainment (00027), and Wynn Macau (01128) [1]

Group 1 - The core viewpoint of the report is that Hong Kong property developers have shown strong stock performance this year, driven by robust sales of new projects and optimistic market sentiment [1] - The upward trend in property prices is expected to continue, although the net asset value of Sino Land Company is projected to gradually decline compared to its peers [1] - The earnings forecasts for Sino Land for the fiscal years 2026 and 2027 have been revised downwards by 10% and 0.6% respectively due to changes in completion timelines and new tax liabilities [1] Group 2 - Since the "high conviction outperform" rating was assigned in February last year, Sino Land's shares have increased by 42% [1] - The company's net cash is no longer considered a significant competitive advantage [1] - The rating for Sino Land has been downgraded to "outperform," with the target price raised from HKD 10.74 to HKD 12.1 [1]

Group 1 - Hong Kong local property stocks collectively rose today, with New World Development increasing by over 4%, and other companies like Sun Hung Kai Properties, Hang Lung Properties, Cheung Kong Property, and Sino Land rising by over 3% [1] - Notably, Sun Hung Kai Properties reached a historical high [1] Group 2 - New World Development's latest price is 9.830, with a market capitalization of 24.739 billion [2] - Sun Hung Kai Properties' latest price is 119.000, with a market capitalization of 344.836 billion [2] - Hang Lung Properties' latest price is 9.540, with a market capitalization of 48.24 billion [2] - Cheung Kong Property's latest price is 45.360, with a market capitalization of 158.75 billion [2] - Sino Land's latest price is 11.650, with a market capitalization of 110.494 billion [2] - Hysan Development's latest price is 21.660, with a market capitalization of 22.245 billion [2] - Kerry Properties' latest price is 23.620, with a market capitalization of 34.28 billion [2] - Kowloon Development's latest price is 26.800, with a market capitalization of 81.371 billion [2] - Swire Properties B's latest price is 12.640, with a market capitalization of 36.011 billion [2] - Link Real Estate Investment Trust's latest price is 35.840, with a market capitalization of 93.146 billion [2] - Kowloon Warehouse Group's latest price is 25.260, with a market capitalization of 77.195 billion [2] - Swire Properties' latest price is 23.200, with a market capitalization of 133.574 billion [2] - Champion REIT's latest price is 2.500, with a market capitalization of 15.338 billion [2] - Henderson Land's latest price is 30.300, with a market capitalization of 146.694 billion [2]

Investment Rating - The report maintains a "Positive" investment rating for the Hong Kong real estate sector [1]. Core Insights - The Hong Kong residential market is stabilizing and showing signs of recovery, with new home sales volume approaching the peak levels of 2019, and second-hand home transactions reaching a new high since 2022. The inventory de-stocking cycle has significantly reduced from 125 months to 61 months [1][8]. - The retail property market is still under pressure, but rental declines are narrowing, and vacancy rates in core areas are decreasing. Office rents and occupancy rates are under pressure, with significant regional market differentiation [1][19][25]. - The residential market is expected to continue its upward trend in 2026, driven by lower mortgage rates and an increase in rental yields. Over 80% of residential properties are projected to achieve a balance between supply and rental demand [1][34][40]. Summary by Sections 1. Hong Kong Real Estate Market Review - Residential transaction volumes are increasing, with new home sales reaching 21,000 units in 2025, a 99.1% increase from the cycle's bottom [8][12]. - The inventory pressure has eased, with the de-stocking cycle for new homes dropping significantly [16]. - Retail property rents are still adjusting, but the rate of decline is slowing, and some core areas are showing signs of recovery [19][21]. - Office rents have decreased by 21.1% since their peak in June 2019, with rising vacancy rates [25][26]. 2. Outlook for the Hong Kong Real Estate Market - The residential market is expected to continue its recovery, with structural differentiation being a key feature [34]. - The ongoing Federal Reserve rate cuts are likely to support the Hong Kong real estate market's recovery [34][37]. - The proportion of properties achieving a balance between supply and rental demand is expected to increase, enhancing home buying demand [39][40]. - Talent attraction policies are anticipated to boost potential home buying demand as more skilled individuals move to Hong Kong [44][50]. 3. Valuation Elasticity of Hong Kong Property Companies - Current valuations of major Hong Kong property companies are at historically low levels, indicating potential for recovery [1][3]. - Companies with a higher proportion of development business and land reserves are expected to exhibit greater valuation elasticity [1][3]. - The top three property companies in terms of sales in 2025 are Sun Hung Kai Properties, Henderson Land Development, and Sino Land, with significant year-on-year sales growth for Henderson and Sino [1][3].

最近，香港楼市与股市持续热络受到市场关注。香港特区政府财政司司长陈茂波此前指出，2025年，香港资产市场表现进一步改善，资金持续流入，访港旅 客人数增加，整体出口和固定资本投资表现良好，消费趋稳。股市和楼市价量齐升，巩固了市场的正向预期。展望2026年，香港经济有望保持良好势头。 在这一积极背景下，多家机构对香港地产市场前景转向乐观。其中，大摩近日发布报告，将香港地产行业的观点上调至"吸引"，并预期香港住宅楼价、中环 写字楼租金和零售销售，将自2018年来首次实现同步按年正增长。 市场预期渐趋明朗之际，一家扎根香港逾半个世纪的港资发展商——信和置业（0083.HK），其过去一年卓越表现与前瞻性布局策略，为观察企业如何承接 市场复苏提供了一个清晰样本。 01 多元产品线精准捕捉市场需求 信和置业在2025年的核心住宅业务表现颇为亮眼，全年在香港本地共售出2424套住宅单位，合约销量为近年高位，印证了市场"价量齐升"的趋势。 这一不俗成绩取得的背后，不仅源于市场整体回暖，更得益于公司长期以来始终贯穿的一套以高端树立品牌，以畅销稳固基本盘，前瞻布局未来的立体化产 品策略与土地储备战略。 公司业绩的持续释放，首先得益 ...

格隆汇1月23日丨信和置业(00083.HK)宣布，公司将于2026年2月27日(星期五)举行董事会会议，藉以(其 中包括)批准刊发公司及其附属公司截至2025年12月31日止六个月的中期业绩公告，以及考虑派发中期 股息。 ...

信和置業有限公司（「本公司」）之董事會（「董事會」）謹此宣布，本公司將於 二零二六年二月二十七日（星期五）舉行董事會會議，藉以（其中包括）批准刊發本公 司及其附屬公司截至二零二五年十二月三十一日止六個月的中期業績公告，以及考慮派 發中期股息。 (於香港註冊成立之有限公司) (股份代號： 83) 董事會召開日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 承董事會命 公司秘書 鄭小琼 香港，二零二六年一月二十三日 於本公告日期，本公司之執行董事為黃永光先生、陳榮光先生、李正強先生、田兆源先生及 廖懿妮女士，非執行董事為夏佳理先生及黃敏華女士，而獨立非執行董事為盛智文博士、李民橋 先生、黃楚標先生及陳仲尼議員。 ...

Group 1 - Hong Kong local real estate stocks experienced a broad increase, with Hysan Development rising over 5% [1] - Other notable gainers include Kowloon Development and Kerry Properties, both up over 4%, while Kowloon Group and Sun Hung Kai Properties increased by over 3% [1] - Swire Properties B shares rose nearly 3%, and Longfor Group, Sino Land, Swire Properties A, and Swire Group all saw increases of over 1% [1] Group 2 - Hysan Development's latest price is 21.600 with a market capitalization of 221.83 billion [2] - Kowloon Development's latest price is 26.600 with a market capitalization of 807.64 billion [2] - Kerry Properties' latest price is 22.840 with a market capitalization of 331.48 billion [2] - Kowloon Group's latest price is 24.940 with a market capitalization of 762.17 billion [2] - Sun Hung Kai Properties' latest price is 113.900 with a market capitalization of 3300.57 billion [2] - Swire Properties B's latest price is 12.460 with a market capitalization of 354.98 billion [2] - Longfor Group's latest price is 43.960 with a market capitalization of 1538.5 billion [2] - Sino Land's latest price is 11.500 with a market capitalization of 1090.72 billion [2] - Swire Properties' latest price is 23.380 with a market capitalization of 1346.1 billion [2] - Swire Group's latest price is 74.400 with a market capitalization of 579.57 billion [2]

首选股方面，收租股(商场/写字楼类)偏好恒隆地产(00101)及太古地产(01972)。发展商偏好信和置业 (00083)。同时亦看好置地公司，但建议等待更佳的入市时机。 摩根大通发布研报称，香港地产股业绩期将于1月底展开。虽然该行预期大部分公司的盈利仍将持续下 行，香港住宅市场改善对2025财年报表的影响有限，但该行认为即将公布的业绩或将成为大多数公司的 低位，下一财政年度盈利很大机会反弹。 ...