Ge Long Hui·2026-02-20 06:30Group 1 - The Hong Kong property market is showing strength, with local real estate stocks such as Henderson Land, Swire Properties B, and others experiencing gains of over 3% and 2% respectively [1] - Goldman Sachs has revised its forecast for Hong Kong property prices, increasing the expected rise from 5% to 12% due to favorable government visa and immigration policies, a 20% increase in rents over the past three years, and lower mortgage rates encouraging residents to buy instead of rent [1] - For the upcoming 2025 fiscal year, Goldman Sachs estimates a 1% decline in average earnings for covered real estate stocks, with specific companies like Kerry Properties expected to see a 44% drop in earnings due to high financial costs [1] Group 2 - Goldman Sachs has adjusted its core earnings per share forecasts for Hong Kong real estate stocks for 2025 to 2027, with changes ranging from a 15% downgrade to a 33% upgrade [2] - The ratings for Henderson Land and Sino Land have been upgraded from "Sell" to "Buy," with target prices increased significantly by 102% to HKD 39 and 95% to HKD 14.6 respectively [2] - The rating for Cheung Kong has been downgraded from "Buy" to "Neutral" due to its smaller exposure to the Hong Kong property market, while the target price has been raised by 10% to HKD 53 [2]