摩根大通：香港房地产图表-您需要的所有图表

Investment Rating - The report does not explicitly state an investment rating for the Hong Kong property sector, but it indicates a cautious outlook on residential and office segments due to ongoing price corrections and lack of recovery [5]. Core Insights - The Hong Kong property market is experiencing the longest home price correction since 2003, with secondary home prices down 29% over 165 weeks [7]. - Despite recent rate cuts, the report suggests that these measures may not effectively address the ongoing challenges in the housing market [20]. - The rental market is showing signs of recovery, with rental levels increasing, particularly in the luxury segment [12][42]. - There is a significant oversupply of residential units, with unsold units expected to remain high in the near term [25][28]. Summary by Sections Residential - Home prices in Hong Kong have corrected significantly, with a 29% decline in secondary home prices since 2021 [7]. - The report highlights that the current home price correction is the longest since 2003, indicating persistent downward pressure on prices [6]. - Rental levels are on the rise, suggesting a potential shift in demand dynamics [12]. Retail - The retail sector is witnessing a divergence, with staple goods outperforming discretionary items, reflecting changing consumer behavior [5]. Office - The office market is still struggling, with recovery not yet in sight, indicating ongoing challenges in this segment [5]. Mainland China Retail - Luxury sales in Mainland China are expected to slow down, which may impact related sectors in Hong Kong [5]. Share Price Review - The report includes a review of share prices related to the Hong Kong property sector, although specific details are not provided in the summary [5]. Results Review - The report does not provide specific results but indicates a general trend of declining prices and increasing rental yields [5].