Core Viewpoint - The latest "Centaline Property Index" reports a value of 134.82 points, reflecting a weekly increase of 0.08%, marking a continuous rise for six weeks and reaching a 19-month high [1] Group 1: Property Index Performance - The latest property index has increased by 0.94% compared to four weeks ago and is up 6.76% from last year's low [1] - The "Centaline Hong Kong Island Property Index" is at 140.4 points, up 0.41% weekly; the "Centaline Kowloon Property Index" is at 140.8 points, up 0.61% weekly; conversely, the "Centaline New Territories Property Index" is at 122.96 points, down 0.45% weekly [1] - Compared to four weeks ago, property prices in all three regions (Hong Kong Island, Kowloon, and New Territories) have increased by 1.01%, 1.62%, and 0.34% respectively [1] Group 2: Market Sentiment and Confidence - Analyst Ceng Songqian from Centaline Property noted that despite many citizens traveling during the Christmas holiday, the Hong Kong property market remains active, with a positive atmosphere and strong secondary market transaction volume [1] - The "Centaline Confidence Index," which reflects the sellers' attitude, is currently at 77.8 points, showing a weekly increase of 4.1% [1] - The confidence index remains above the average level, indicating strong upward potential for property prices [1]

FF301 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 截至月份: 2025年12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: 美聯集團有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01200 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 第 1 頁 共 ...

Core Viewpoint - The Hong Kong property market is expected to improve in 2025, with property prices rebounding due to several favorable factors, leading to a projected increase of 5.14% in the "Megan Property Price Index" for the year [1] Summary by Category Market Performance - In December, among the 143 properties in the "Megan Property Price Index," 110 properties recorded price increases, representing approximately 76.9% [1] - The Kowloon district showed the best performance, with 40 out of 45 properties experiencing price increases, which is about 88.9% [1] - In the New Territories, 57 out of 73 properties saw price increases, accounting for 78.1% [1] - The Hong Kong Island district had 13 out of 25 properties with price increases, representing around 52% [1] Contributing Factors - The property market in 2025 is expected to benefit from six key factors: interest rate cuts, wealth effects, economic growth, favorable policies, rising rents, and reduced inventory levels [1] - The market is anticipated to continue these advantages into 2026, with further increases in property prices and more properties experiencing price rises [1]

Group 1 - The core viewpoint is that the Hong Kong property market is expected to rebound successfully in 2025, with both transaction volume and prices rising for the first time in four years, indicating a simultaneous increase in "volume, amount, and price" [1] - The forecast for property prices is an increase of approximately 10% to 15% in the coming year, driven by multiple favorable factors [1] - The expected total number of new property transactions is projected to rise by about 5% to 21,000 units, setting a new record, while the secondary market transactions are anticipated to increase by about 9% to around 50,000 units, reaching a five-year high [1] Group 2 - The property market's recovery is attributed to the government's earlier measures to lower stamp duty on lower-priced properties, which effectively boosted the market for these properties and new sales [1] - The "Centaline Property Price Index" has reported a rise to 134.09 points, reflecting an increase of approximately 4.65% year-to-date and a rebound of about 6.18% from the year's low [2] - Rental prices have also risen in tandem with property prices, increasing by approximately 2.92% over the first 11 months of the year, marking the third consecutive year of growth [2]

Core Viewpoint - The average rent for private residential properties in November, calculated based on usable area, is approximately HKD 38.77 per square foot, showing a month-on-month increase of about 0.15%, nearing the historical high reached in September of this year [1] Rental Trends - For the first 11 months of this year, rental prices have cumulatively increased by approximately 2.92% [1] - An analysis of the top ten housing estates in November shows mixed month-on-month changes, with 4 estates experiencing an increase in average rent, 4 seeing a decrease, and 2 remaining stable [1] - Year-to-date analysis of the top ten housing estates indicates that 7 estates have seen an increase in rent, suggesting an overall upward trend in rental prices for the year [1]

Core Viewpoint - The Hong Kong real estate market is experiencing significant growth in transactions for properties over HKD 100 million, driven by a favorable investment atmosphere and the resumption of the US interest rate cut cycle, leading to increased liquidity in the market [1][2] Group 1: Market Performance - In the second half of the year, there have been 61 transactions of properties over HKD 100 million, totaling HKD 129.4 billion, which is more than double the 30 transactions and approximately HKD 60.9 billion recorded in the first half of the year [1] - The number of transactions is only three short of the record high of 64 transactions in the first half of 2021, indicating a strong recovery in the luxury property segment [1] - The total value of transactions is expected to challenge the levels of 70 transactions and HKD 150 billion, potentially setting a new semi-annual record since the introduction of the sales regulations [1] Group 2: Buyer Demographics - The second-hand market for properties over HKD 100 million is also active, with 33 registrations recorded in the second half of the year, surpassing the 27 registrations from the first half of last year by approximately 22.2% [2] - The total value of these transactions is around HKD 65.4 billion, which is a 16.3% increase from approximately HKD 56.2 billion in the first half of the year, marking a two-year high [2] - Mainland Chinese buyers represent about 57.1% of the known individual buyers for properties over HKD 100 million, significantly higher than the overall proportion of 22% for all residential registrations [2]

Core Insights - The registration volume of second-hand residential properties priced at HKD 6 million or below in Hong Kong has reached a record high, with 28,358 registrations this year, surpassing the previous year's total of 27,334 and marking an 8-year high [1][2] - The trend is expected to continue, with projections indicating that the total registrations for the year could exceed 30,000, potentially setting a new record since 2014 [1][2] Group 1 - The increase in registrations for properties priced at HKD 6 million or below has been attributed to declining interest rates and rising rental prices, prompting some buyers to shift from renting to purchasing [2][3] - High rental yields for lower-priced properties are attracting long-term investors to enter the market [2] Group 2 - Among the 18 districts in Hong Kong, the New Territories accounted for the highest number of registrations for properties priced at HKD 6 million or below, with Yuen Long leading at 2,880 registrations, followed by Tuen Mun with 2,499, and Sha Tin with 2,390 [3][5] - Other notable districts include Yau Tsim Mong with 2,225 registrations, making it the highest in Kowloon, and Eastern District on Hong Kong Island with 2,161 registrations, the highest in that area [5]

Group 1 - The "Mei Lun Property Price Index" is reported at 133.57 points, reflecting a weekly increase of 0.49%, marking two consecutive weeks of growth. Compared to four weeks ago, the index has risen by 1.29%, and year-to-date, Hong Kong property prices have increased by 4.25%, which is a 5.77% rise from the year's low, reaching a 17-month high [1] - The "Mei Lun Confidence Index," which indicates the selling attitude of property owners, is currently at 74.9 points, showing a weekly decline of 2%. The index remains above the average value, suggesting a positive outlook for the property market, especially with increasing expectations of a U.S. interest rate cut in December [1] - Property prices across three districts have risen for two consecutive weeks. The latest indices are: Hong Kong Island at 139.00 points (up 0.35%), Kowloon at 138.56 points (up 0.25%), and New Territories at 122.54 points (up 0.74%). Compared to four weeks ago, prices in these districts have increased by 3.28%, 0.92%, and 0.96% respectively [1] Group 2 - The New Territories has the highest percentage of discounted properties among the three districts in Hong Kong. The areas with the most discounted properties are Tsuen Wan, Tin Shui Wai, and Tung Chung [2] - In terms of unit area, the highest discount rate is found in Class A units with a usable area of approximately 430 square feet or less, followed by Class C units with areas between approximately 753 to 1075 square feet, and Class B units with areas between approximately 431 to 752 square feet [2]

FF301 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 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美聯集團有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年12月1日 III.已發行股份及/或庫存股份變動詳情 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01200 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | ...

Group 1 - The core point of the article indicates that the cumulative inventory of unsold residential units in Hong Kong has reached approximately 19,060 units as of November 26, marking a month-on-month decrease of 2.9% and a continuous decline for 10 months, reaching a new low not seen in 29 months since June 2023, with a reduction of over 4,000 units or about 17.6% from the peak of 23,121 units in January this year [1] Group 2 - The analysis by the property analyst suggests that all three regions of Hong Kong, Kowloon, and the New Territories have experienced a decrease in inventory compared to the peak in January, with Kowloon seeing the largest drop of approximately 2,780 units, a decrease of 21.4%, bringing the total to 10,213 units [1] - The analyst anticipates that the number of first-hand transactions in December will continue to exceed 1,000, marking the 11th consecutive month of such activity, and expects the cumulative inventory to continue decreasing, potentially falling below 19,000 units by year-end [1]