Zhi Tong Cai Jing·2026-02-26 04:04Core Viewpoint - Hong Kong real estate stocks experienced moderate gains following the announcement of an increase in stamp duty on residential property transactions exceeding HKD 100 million from 4.25% to 6.5%, which is expected to generate an additional HKD 1 billion in annual revenue for the government [1] Group 1: Market Reaction - New World Development (00016) rose by 2.49% to HKD 139.8, while Cheung Kong Property (01113) increased by 1.93% to HKD 47.56 [1] - Henderson Land Development (00012) saw a rise of 0.58% to HKD 34.78, and Wharf Real Estate Investment (01997) gained 0.54% to HKD 26.22 [1] Group 2: Government Policy Impact - The increase in stamp duty will affect approximately 0.3% of residential property transactions, with the measure expected to take effect retroactively after the legislative amendment is passed [1] - HSBC Research noted that following the announcement, some developers' stock prices fell by about 2% on the previous day, but this correction is viewed as healthy given the strong performance of the sector year-to-date [1] Group 3: Future Outlook - HSBC believes the impact of the stamp duty increase will be limited due to its small share of total market transaction volume [1] - The intention behind the policy is likely to increase fiscal revenue rather than suppress the overall residential market, with expectations that the policy stance will continue to favor the real estate market [1] - Real estate investment trusts may encounter new opportunities, with HSBC favoring New World Development, Henderson Land, and Sun Hung Kai Properties, all rated as "buy" [1]