海外地产周报：关注香港本地股的高股息属性

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The report highlights a continued recovery trend in new home sales as of December, indicating a stabilization in the real estate market [2] - The Central Political Bureau meeting has reinforced support for the real estate market, including measures to lower reserve requirements and interest rates, optimize existing projects, and adjust housing purchase policies [3][39] - The report recommends focusing on real estate and property management sectors, specifically suggesting companies like China Overseas Development, Longfor Group, and Poly Property [3][40] Market Overview - The report notes that the Hang Seng Real Estate Index decreased by 3.1% this week, while the Hang Seng Index fell by 3.5% [7] - Key companies in the Hong Kong local stock market showed mixed performance, with Hang Lung Properties and Cheung Kong Holdings both increasing by 0.3% [4][5] Company Performance - Notable performers in the real estate sector included Gemdale Corporation, which increased by 1.9%, while China Overseas Development and Jianfa International saw declines of 2.9% and 3.3%, respectively [8][9] - In the property management sector, Country Garden Services rose by 0.4%, while Wanwu Cloud and Jianfa Property experienced slight declines [11][12] Stock Connect Holdings - The report indicates an increase in Stock Connect holdings for Poly Property, Longfor Group, and China Overseas Development by 0.37, 0.34, and 0.21 percentage points, respectively [15] - The report also notes that Vanke Enterprises, Poly Property, and Sunac China have Stock Connect holdings of 49.2%, 48.5%, and 35.3% [15] Short Selling Activity - The report identifies Jianfa International, Yuexiu Property, and Longfor Group as the top three companies for short selling activity, with respective rates of 32.6%, 26.8%, and 26.1% [21][22] - For the Hong Kong local stocks, the top short selling companies were Kowloon Warehouse Group, Hysan Development, and New World Development, with rates of 38.2%, 36.7%, and 27.4% [24][25] Policy Support - The report emphasizes unprecedented policy support for the real estate sector, including a combination of measures aimed at stabilizing the market and promoting healthy development [39][40] - The Central Economic Work Conference reiterated the importance of stabilizing the real estate market and preventing risks in key areas [39]