中金 | 跨过香江：中国香港REITs投资手册

Group 1: Current Status of Hong Kong REITs Market - The Hong Kong REITs market has faced challenges after a period of rapid growth, with 11 listed REITs currently, and the market is highly concentrated, with Link REIT accounting for over 70% of total market capitalization [2][6][7] - The average daily turnover rate of Hong Kong REITs from 2025 to date is only 0.16%, indicating low liquidity and market activity compared to mainland China [2][12] - The majority of REITs holders are issuers and strategic placement investors, which further reduces market liquidity [12][22] Group 2: Differences Between Domestic and Foreign REITs - Both domestic and foreign REITs can be analyzed using a "numerator-denominator" approach, but there are differences in asset quality and interest rate impacts [3][23] - Hong Kong REITs have more flexible underlying assets, while mainland REITs exhibit more stable cash flows [3][24] - The valuation of Hong Kong REITs is influenced by overseas interest rate cycles, while mainland REITs benefit from a low domestic interest rate environment [3][24] Group 3: Current Situation of Leading Hong Kong REITs - Leading Hong Kong REITs have seen their underlying assets and stock prices pressured by macroeconomic factors, with an average valuation decline of 5% year-on-year expected in 2024 [3][6] - As of the end of August, the average dividend yield (TTM) and price-to-book ratio for Hong Kong REITs are 6.70% and 0.56x, respectively [3][12] - It is recommended to focus on larger market capitalization, better liquidity, and more diversified underlying assets if the mutual connectivity is established [3][6]