瑞银：上调1亿元以上住宅印花税对豪宅发展商不利 估港府房策立场已转为更中性或略带负面 看好房托

Group 1 - The Hong Kong government announced a new budget that did not include any positive stimulus measures for the residential market, contrary to market expectations [1] - The stamp duty on residential property transactions exceeding HKD 100 million was raised from 4.25% to 6.5%, which is expected to negatively impact luxury property developers [1] - UBS interprets this as a shift in the government's stance on the real estate market from supportive to neutral or slightly negative, indicating potential limitations on long-term residential price increases [1] Group 2 - The budget proposed the sale of nine residential land parcels in the 2026/27 fiscal year, which could yield 22,000 units, but UBS believes the government will slow down land sales in a weak market [2] - The budget reaffirmed the commitment to promote REIT connectivity and proposed amendments to facilitate the privatization or restructuring of real estate investment trusts [2] - UBS expects the measures to slightly benefit Link REIT and Prosperity REIT, while maintaining a positive outlook on Link REIT due to attractive risk-reward dynamics and a dividend yield of approximately 7% [2]