Ge Long Hui·2026-02-26 03:47Core Viewpoint - Goldman Sachs reports that the Hong Kong government's budget did not announce any significant stimulus measures for the residential market, which has bottomed out since mid-2025, but the overall tone is more positive due to active capital market activities and economic recovery [1] Group 1: Economic Outlook - The budget revision indicates a fiscal surplus of HKD 2.9 billion for the fiscal year 2025/26, driven by higher-than-expected stamp duty and corporate tax revenues, alongside continued control of fiscal spending [1] - The improved economic outlook, supportive talent visa and immigration policies, and relatively low land sale prices are expected to benefit future market sentiment and developers' profitability recovery [1] Group 2: Market Recommendations - Despite the lack of major stimulus measures for the residential market, Goldman Sachs remains optimistic about the Hong Kong residential market and continues to recommend it [1] - The firm has assigned "Buy" ratings to New World Development, Henderson Land, and Sun Hung Kai Properties [1]