Group 1 - The Hong Kong property market is experiencing a recovery due to a series of stimulus policies, with a significant increase in property transactions in June, showing a 12.9% month-on-month rise and a 38.6% year-on-year increase [1] - Residential property transactions accounted for 5,955 of the total contracts in June, reflecting a 16.7% month-on-month increase and a 54.4% year-on-year increase [1] - The market is seeing strong sales performance in new properties, with many projects selling out in the first round, and a notable recovery in the secondary market for lower-priced properties [1] Group 2 - The removal of property cooling measures in February last year has significantly reduced purchasing costs, leading to a surge in market activity [2] - The Hong Kong government has introduced several measures in the 2024 policy address to further stimulate the property market, including relaxing residential loan requirements and allowing investment immigrants to purchase residential properties [2] - The number of transactions by mainland buyers has increased significantly, with a reported 11,638 transactions in 2024, representing a 90% year-on-year increase [2] Group 3 - Major real estate agencies are entering the Hong Kong market, focusing on new property projects and emphasizing low total price and high rental yield properties [3] - The reduction in interbank borrowing rates has lowered purchasing costs, prompting developers to launch new projects with attractive pricing strategies [3] - Overall transaction volume in the Hong Kong property market is expected to remain stable compared to last year, with property prices projected to fluctuate within a range of ±3% [3]

Core Viewpoint - The Hong Kong real estate market is experiencing a recovery due to a series of stimulus policies implemented by the government [1]. Group 1: Market Performance - In June, the total number of property sale agreements submitted to the Land Registry reached 7,271, a month-on-month increase of 12.9% and a year-on-year increase of 38.6% [2]. - Among these agreements, residential property sales accounted for 5,955, with a month-on-month increase of 16.7% and a year-on-year increase of 54.4% [2]. - The second quarter saw 1,775 transactions of second-hand properties along the railway lines, representing a month-on-month increase of approximately 36.5% [4]. Group 2: Government Policies - The Hong Kong government has removed all property cooling measures, leading to a significant reduction in purchasing costs and a surge in market activity [4]. - The Chief Executive's policy report introduced several measures to further stimulate the housing market, including relaxing residential loan conditions and allowing investment immigrants to purchase residential properties [4]. - The budget proposal raised the stamp duty exemption threshold from HKD 3 million to HKD 4 million, benefiting about 15% of property transactions [4]. Group 3: Buyer Trends - Mainland buyers have become a significant force in the market, with 11,638 transactions recorded in 2024, amounting to over HKD 130 billion, marking a year-on-year increase of 90% in transaction volume and 67% in value [5]. - The demand for properties with low total prices and high rental yields is increasing, attracting more buyers from mainland China [5]. Group 4: Market Outlook - The residential property market has shown signs of stable recovery, with transaction volumes exceeding 5,000 for four consecutive months, the first such occurrence since the second half of 2021 [4]. - The overall transaction volume in Hong Kong's real estate market is expected to remain stable compared to last year, with property prices projected to fluctuate within a range of ±3% [5].