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]

Group 1 - Morgan Stanley reports that the earnings season for Hong Kong real estate stocks will begin at the end of January [1] - The bank expects most companies' profits to continue declining, with limited impact from the improvement in the Hong Kong residential market on the fiscal year 2025 statements [1] - The upcoming earnings reports may represent a low point for most companies, with a significant chance of profit rebound in the next fiscal year [1] Group 2 - Preferred stocks in the rental sector (shopping malls/office buildings) include Hang Lung Properties (00101) and Swire Properties (01972) [1] - For developers, the preference is for Sino Land Company (00083) [1] - The bank is also optimistic about the Land Development Company but suggests waiting for a better entry point [1]

Core Viewpoint - Morgan Stanley's report indicates that while the earnings of most Hong Kong real estate stocks are expected to continue declining, the upcoming earnings announcements may represent a low point for many companies, with a significant chance of earnings rebound in the next fiscal year [1] Group 1: Earnings Outlook - The earnings season for Hong Kong real estate stocks is set to begin at the end of January [1] - The impact of the improvement in the Hong Kong residential market on the fiscal year 2025 financial statements is expected to be limited [1] - Most companies are anticipated to report continued earnings decline [1] Group 2: Preferred Stocks - For rental stocks (shopping malls/office buildings), the preferred choices are Hang Lung Properties (00101) and Swire Properties (01972) [1] - For developers, the preferred stock is Sino Land Company (00083) [1] - The report also expresses a positive outlook on the Land Development Company but suggests waiting for a better entry point [1]

Group 1 - The core viewpoint of the report is that multiple brokerages have raised their forecasts for Hong Kong's property price growth to between 5% and 10%, which has contributed to an 11% rise in Hong Kong real estate stocks this year, outperforming the Hang Seng Index by 6% [1] - Morgan Stanley believes that the market has already priced in a solid recovery in Hong Kong's property market over the next two years, as many companies' stock prices have reached or are close to historical highs [1] - The firm suggests that rental stocks have greater potential for upside, as improvements in their commercial real estate businesses have not yet been fully reflected in stock prices, with most still trading over 30% below their peaks [1] Group 2 - Morgan Stanley's top picks for rental stocks are Hang Lung Properties (00101) and Swire Properties (01972), due to their ongoing improvements in retail operations in mainland China [1] - Kowloon Development (01997) could become a dark horse if its management expresses a more positive outlook on tenant sales during the earnings release in March [1] - Among developers, Morgan Stanley prefers Sino Land (00083) and Henderson Land (00012), but generally advises waiting for a better entry point [1]

Investment Rating - The industry investment rating is "Outperform the Market" [1][27]. Core Insights - The Hong Kong real estate market is expected to rebound in 2025, with both primary and secondary residential transactions reaching a four-year high, showing year-on-year growth of 21.5% and 16.9% respectively, leading to a total increase of 18.3% [3][7]. - The upward trend in property prices began in April 2025, with private residential prices increasing by 4.4% from the low in March 2025, and the leading index rising by 5.8% by January 2026 [3][8]. - Positive factors such as stable GDP growth, increased disposable income, and a recovering stock market are expected to enhance purchasing power and demand in 2026 [3][19]. - The concentration of market share among top developers is significant, with the top five developers holding a 46.8% market share in 2024, indicating strong performance potential during market upturns [3][21][24]. Summary by Sections Market Performance - In 2025, the total residential transaction volume reached 63,000 units, marking an 18% increase compared to 2022, with primary sales at 20,500 units and secondary sales at 42,000 units [4][7]. - The influx of mainland buyers is notable, with an estimated 13,800 units purchased by Mandarin-speaking buyers, accounting for 22% of total transactions [7]. Price Trends - Since Q2 2025, property prices have shown a steady upward trend, with the index rising by 8% from the low in March 2025 [8][19]. Rental Market - The rental market has also seen an upward trend, with rental indices increasing by 4.3% by November 2025, and the average rental yield reaching 2.88%, closely aligning with the ten-year government bond yield of 2.94% [11][12]. Supply Dynamics - The supply of new residential units has been contracting, with the number of pre-sale approvals declining by 20% by the end of 2025, creating a favorable environment for price increases [16][19]. Future Outlook - The outlook for 2026 remains positive, with expectations of continued demand recovery and manageable supply pressures, suggesting a sustained upward trend in both volume and prices [19][25].