January 5, 2026 10:55 PM GMT Hong Kong Property Green Lights: Start of an Upcycle We upgrade our Industry view to Attractive. We expect all three sub-segments – HK residential prices, Central (not HK) office rent and HK retail sales – to record positive YoY growth for the first time since 2018. Key Takeaways Anti-consensus call: Consensus believes that the residential price recovery in mid- 2025 was driven by a sharp decline in HIBOR and is cyclical in nature. With China property still deflating, office vac ...