看好香港楼市重要事情要说三遍

Group 1: Market Outlook - The Hong Kong real estate market is expected to perform well, with a focus on increasing investment in property developers for global portfolio diversification[3] - Residential market fundamentals are stabilizing, with a 2.5% increase in residential prices year-to-date due to a surge in primary market transaction volumes[5] - Rental prices have risen over 20% in the past two years, driven by an influx of international students and increasing demand for family housing[9] Group 2: Investment Demand - Hong Kong currently boasts the highest residential rental yield among major Chinese cities, nearing 3.7%, with local buyers responding positively to rising rental expectations[11] - Non-local buyers accounted for one in four properties sold this year, marking the highest proportion since the end of quantitative easing[11] - The supply of new residential units has significantly decreased, with sales dropping from a peak of 25,000 units per year to about 10,000, indicating a structural supply shortage[14] Group 3: Commercial Real Estate Recovery - Commercial real estate risks are stabilizing, with improved absorption rates for office spaces due to financial sector expansion and increased demand for prime locations[17] - Retail sales are recovering steadily, supported by inbound tourism and a stronger RMB, with expectations of reduced negative rental growth starting in Q3 2026[17] - The sector is expected to benefit from ongoing market improvements and anticipated interest rate cuts in the U.S.[17] Group 4: Attractive Valuations - Major listed developers have outperformed the Hang Seng Tech Index this year, with dividend yields often exceeding 5%[18] - The sector presents an attractive investment opportunity despite some positive factors already reflected in stock prices[18]