Investment Rating - The report maintains an "Outperform" rating for the real estate sector [8] Core Insights - The Hong Kong real estate market is experiencing a significant recovery, driven by the removal of restrictive measures and declining interest rates. The private residential price index has risen for four consecutive months, with a month-on-month increase of 1.32% in September. The rental index has also increased for ten months, reaching a historical high [16][18] - The competitive landscape among Hong Kong developers is becoming increasingly concentrated, with the top four developers accounting for nearly 50% of total sales in 2024. This trend indicates a shift towards a more monopolistic market structure [18] - The report highlights the importance of policy adjustments, such as reducing purchase restrictions and expediting the recovery of idle land, to boost market confidence and stimulate demand [3][20] Summary by Sections Hong Kong Real Estate Market - The market is witnessing a recovery due to the removal of demand management measures and lower transaction costs, which have significantly stimulated homebuyer demand [16][18] - The top four developers in Hong Kong, including Sun Hung Kai Properties and Henderson Land, have seen substantial sales, with Sun Hung Kai achieving sales of HKD 36 billion in 2024, representing 20% of total sales [18] Market Performance - The A-share real estate sector outperformed the broader market, with a weekly increase of 2.70%, surpassing the benchmark by 3.78 percentage points [20][21] - The Hong Kong real estate sector also outperformed, with a weekly increase of 4.99%, exceeding the Hang Seng Index by 3.73 percentage points [33] Credit Market - The issuance of real estate credit bonds totaled CNY 3.62 billion this week, with a net financing amount of -CNY 4.13 billion. Cumulative issuance for the year stands at CNY 374.38 billion, with a net financing amount of -CNY 41.90 billion [20][40] REITs Market - The REITs index increased by 0.82% this week, with the property-type REITs index rising by 0.62% and the operating rights-type REITs index increasing by 1.08% [42][51] - The total transaction volume for REITs this week was CNY 1.353 billion, with property-type REITs accounting for CNY 732 million [56]

制图:易福红(豆包AI) 内地个人买家占香港一二手住宅注册量比例超两成。 南都记者 马强 摄 月租1.65万港元，在香港能租到什么样的房子? 39年楼龄，大约33.3平方米的"吉屋"——没有桌椅，没有床架，更没有冰箱洗衣机。这是今年8月20 日，苏茉(化名)的堂姐在香港浸会大学附近租下的一套房子。 正是这一次陪同看房，让深圳00后苏茉下定决心:与其三年交65万元(港元，下同)房租，不如花600多万 元在香港买房。 苏茉是近十年中，6.8万名赴港买房的内地人的缩影。 直到今年8月中旬，苏茉的堂姐到香港浸会大学读研，苏茉陪她在学校附近租房后，决定出手。 香港的房地产交易价格清晰可查。在陪堂姐看房中，苏茉发现，堂姐看中的那套二手房今年7月30日以 总价486万元易手。 南都记者根据中原地产数据统计发现，最近十年，67813名内地人共花了8022亿元在香港买房。 这场跨越多年的置业迁徙，成为粤港澳大湾区融合进程中不可忽视的经济现象。而当下香港楼市率先量 价齐升，或将为中国楼市的筑底回升写下新的序章。 "学生"入场 三年在港上学租金65万元 深圳00后下决心买房 苏茉在香港买房并非一时冲动。 2022年，苏茉到香港科技 ...

香港住宅市场最大亏损出现了。 深圳祥祺集团主席陈红天或相关人士持有的山顶歌赋山道15号大宅，在经历两年招标后以7.9亿港元成交。 而该房源2016年买入价为21亿港元，如今贬值13.1亿港元，跌幅达62.4%，呎价约4.37万港元（1平方呎约合0.0929平方米）。 《每日经济新闻》记者注意到，该房源2023年因财务问题被东亚银行接管，沦为银主盘，历经多次截标延期才找到买家。房源实用面积为1.8万平方呎， 配套近1万平方呎花园和2788平方呎停车位，楼面呎价一度高达22.74万港元。 如果换算成内地通用的平方米，这座大宅高峰期的单价可以达到约245万元/平方米（是的，你没有看错）。 注：银主盘为香港楼市术语，指由于原业主未能按时偿还银行或其他金融机构的贷款，导致物业被债权人（通常是银行）通过法律程序收回并接管，随后 由债权人负责出售以清偿债务的房产。 "香港豪宅市场整体自2021年见顶后普遍下跌约30%，部分豪宅跌幅在35%～40%，银主盘额外会再折让15%～20%。这次山顶歌赋山道个案跌幅超过 60%，属于'银行急售+特殊个盘'双重叠加。"8月21日下午，汇生国际资本总裁黄立冲向每经记者分析称。 9年前21 ...