大行评级丨瑞银：港府上调1亿港元以上住宅印花税对豪宅发展商不利，看好房托

Core Viewpoint - UBS reports that the Hong Kong government's new budget does not include any positive stimulus measures for the residential market, contrary to market expectations, and instead increases the stamp duty on residential property transactions valued over HKD 100 million from 4.25% to 6.5% [1] Group 1: Impact on Real Estate Developers - The increase in stamp duty is expected to negatively affect luxury property developers, with Kowloon Development holding the largest share of ultra-luxury residential properties in Hong Kong, accounting for 17% of its net asset value [1] - Kerry Properties, Henderson Land, and Sun Hung Kai Properties follow with 4% and 2% of their net asset values in ultra-luxury residential properties, respectively [1] Group 2: Real Estate Investment Trusts (REITs) - The budget reaffirms the commitment to promote the interconnection of REITs and proposes amendments to facilitate the privatization or restructuring of real estate investment trusts [1] - REITs seeking to list will be exempt from stamp duty when injecting non-residential properties, which is expected to provide a slight benefit to Link REIT and Prosperity REIT [1] Group 3: Outlook on Link REIT - UBS maintains a positive outlook on Link REIT, citing attractive risk-reward dynamics, a dividend yield of approximately 7%, and expectations for gradual improvement in tenant sales and renewal rents in the second half of the year, along with potential unit buybacks [1]