汇丰：香港房地产_零售销售增长的恢复

Hong Kong Real Estate Equities A resumption of retail sales growth Eyeing retail market stabilisation. Hong Kong's Census and Statistics Department reported that retail sales grew 2.4% y-o-y in May 2025, reversing the 2.3% y-o-y drop a month ago and ending a 14-month long decline. The stabilisation sign in the retail market suggests a good start going forward. We expect the retail sales decline to further narrow in 2H25e from 5.5% y-o-y in 5M25, with the full-year decline down to 3% in 2025e. The positive w ...