海外地产周报：香港本地股年度派息稳健持续

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The real estate sector continues to show strong performance, with notable increases in stock prices for companies such as Kerry Properties (+7.5%), Swire Properties (+6.5%), and Link REIT (+2.1%) [3][4] - The report highlights a significant policy support from the central government aimed at stabilizing the real estate market, including measures to lower reserve requirements and interest rates, as well as adjustments to housing purchase restrictions [3][40] - The report recommends focusing on real estate and property management sectors, specifically suggesting stocks like Beike, Greentown China, China Overseas Development, and others for investment [3][41] Market Overview - The main indices showed varied performance, with the Hang Seng Property Index declining by 0.9% this week, while the Hang Seng Index fell by 1.1% [7] - The cumulative sales area in 30 major cities reached 3.13 million square meters in March 2025, reflecting a year-on-year increase of 15.3% [34] Company Performance - Notable performers in the domestic property sector include China Jinmao (+8.5%), Shenzhen Holdings (+5.9%), and Greentown China (+3.4%) [8][9] - In the property management sector, Greentown Service (+3.6%), New City Joy Service (+3.5%), and Greentown Management (+2.8%) showed strong performance [11][12] Stock Holdings and Short Selling - The report indicates an increase in Hong Kong Stock Connect holdings for companies like Greentown China and Sunac China, with respective increases of 0.50 percentage points [13][16] - The top three companies by short selling volume in the property management sector were Beike, Greentown Management, and China Overseas Development, with short selling ratios of 34.5%, 30.2%, and 27.6% respectively [19][20] Policy Support - The central government's recent meetings emphasized the need for stronger support for the real estate market, including a combination of fiscal and monetary policies aimed at stabilizing the market [3][40] - The report anticipates further policies to promote a stable and healthy development of the real estate market [40][41]