Ge Long Hui·2026-02-26 03:37Core Viewpoint - The report from Credit Lyonnais indicates a divergence in the policy direction of China's real estate market, with Shanghai implementing unexpected easing measures while Hong Kong tightens its property policies in the latest budget [1] Group 1: Shanghai's Easing Measures - Shanghai has introduced multiple easing measures that are considered more effective than previous rounds, which is expected to support the secondary housing market [1] Group 2: Hong Kong's Tightening Policies - Hong Kong has raised the stamp duty on luxury properties over HKD 10 million, marking the first tightening of policies since 2018, suggesting that the Hong Kong property market has entered a tightening cycle [1] Group 3: Investment Recommendations - Based on historical performance, it is anticipated that property developers will outperform Hong Kong real estate stocks for the remainder of the year, with a preference for China Resources Land and Link REIT, both rated "outperform" with target prices of HKD 35.4 and HKD 51 respectively [1]