里昂：料香港楼价明年升5% 首选华润置地等

Group 1 - The core viewpoint of the report is that Hong Kong property prices are expected to rise by 5% by 2026, with first-tier cities in mainland China significantly outperforming the market [1] - Hong Kong property prices have rebounded by 6.4% since the low in March this year, driven by continuous interest rate cuts in the US [1] - Rental yields have increased, indicating strong rental demand, while the selling pressure from developers and owners has notably decreased, leading to an improved supply-demand relationship [1] Group 2 - The transaction volume of second-hand residential properties in first-tier cities in mainland China has increased year-on-year, suggesting that home-buying demand is stabilizing [1] - Inventory levels in first-tier cities have returned to normal levels, and the land market is active, with land transfer fees rising year-on-year, primarily driven by the supply of quality land parcels [1]