花旗：料明年香港楼价升3%进入上升周期 写字楼竞争或加剧

Core Viewpoint - Citi expects the Hong Kong real estate market to recover further in 2024, with a projected increase of 3% after hitting a low in 2025, entering an upward cycle [1] Group 1: Market Outlook - Hong Kong property prices are entering an upward cycle, with new sales profit margins improving, currently ranging from 5% to 9%, and net asset values having upward potential [1] - Retail sales are showing a positive trend, with luxury goods outperforming the market, while the mass market has stabilized since May 2023, with expectations of a stable recovery starting in the second half of 2026 [1] Group 2: Office Space and Construction - The completion of office buildings is expected to reach a record high in 2025, with increased competition anticipated in 2026; however, core area Grade A office spaces are expected to perform steadily [1] Group 3: Corporate Financial Health - Listed companies are streamlining operations, actively managing capital cycles, reducing debt, and lowering capital expenditure and financing costs, which should support cash flow for growth under stable dividends [1] - Increased investment sentiment, along with changes in leadership and the smooth transition of new strategies, are contributing factors to the positive outlook for the Hong Kong real estate market [1]