Group 1 - The overall atmosphere of the Hong Kong property market is positive, with a high willingness among citizens to enter the market, although activities were affected by the Lunar New Year celebrations [1][1] - During the first weekend of the Year of the Horse (February 21-22), the number of scheduled viewings for 15 key secondary housing estates dropped to approximately 427, a week-on-week decrease of about 2.5%, marking a decline for two consecutive weekends [1][1] - The viewing activities in the Hong Kong Island area saw a slight week-on-week decrease of about 1.7%, while the Kowloon area recorded around 155 scheduled viewings, down approximately 2.5% [1][1] Group 2 - The New Territories also experienced a week-on-week decline in scheduled viewings for four key housing estates, dropping by about 3.1% [1][1] - Some buyers are adopting a wait-and-see approach ahead of the upcoming fiscal budget announcement, with market attention focused on potential adjustments to property policies or economic stimulus measures [1][1] - It is anticipated that as the Lunar New Year holiday concludes and festive factors diminish, along with developers actively planning new launches, the market is expected to regain attention and improve overall sentiment [1][1]

Economic Stimulus Recommendations - Experts suggest the government should implement additional economic stimulus measures of 1 to 15 trillion RMB (approximately $137 billion to $206 billion USD based on current exchange rates) within 12 months [1] - The stimulus aims to boost resident consumption and mitigate the economic damage caused by US tariffs [1] - The report emphasizes the need for stronger counter-cyclical policies to maintain stable growth [1] Structural Reform Proposals - The report suggests expanding the individual income tax base and simplifying the value-added tax (VAT) structure in the long term [1] - The report highlights the importance of managing risks associated with SME lending to enable banks to lend to more productive sectors [1]

Economic Outlook - Daxin Financial forecasts Hong Kong's economy to grow by 2.4% this year, despite ongoing uncertainties from the US-China trade war [1] - The Hang Seng Index (HSI) is expected to challenge the 25,000-point mark in the second half of the year, with a support level around 20,800 points [1] Market Conditions - The valuation of Hong Kong stocks has returned to a more reasonable level, but volatility is anticipated due to unclear US-China trade prospects and the effectiveness of mainland economic stimulus measures [1] - High dividend yields, domestic consumption, and innovation and technology sectors are expected to have a positive outlook [1] Mainland China Economic Impact - Short-term growth in mainland China's exports is anticipated, as some companies shift exports to ASEAN and other regions, offsetting declines in exports to the US [1] - Mainland China's economy is projected to grow by 4.4% this year, supported by relaxed monetary policy and a commitment to more proactive fiscal policies [1] Real Estate Market - The significant drop in mortgage rates and gradual recovery in rental yields are expected to alleviate downward pressure on Hong Kong property prices [2] - However, potential oversupply in new residential properties and uncertainties from the trade war may lead to an estimated 5% decline in property prices for the entire year of 2025 [2]