Group 1 - The core viewpoint of the article indicates that the management of Cheung Kong (Holdings) believes that the Hong Kong residential market may have bottomed out, with the Centaline City Leading Index rising by 3% year-to-date, although pricing power has not yet recovered [1] - The office market is expected to take a longer time to recover due to oversupply, with Cheung Kong's rental rate for the Cheung Kong Center Phase II currently close to 30% [1] - Morgan Stanley anticipates that Cheung Kong may wait for a suitable price before leasing out its properties, given their advantageous location [1] Group 2 - Luxury retail rental prices are still under pressure for downward adjustments, while retail properties in areas with stable foot traffic are expected to perform more steadily [1] - Due to limited land reserves, Cheung Kong may delay the sale of the Kai Tak project and is likely to retain more cash on hand [1] - Morgan Stanley currently rates Cheung Kong as "in line with the market," with a target price of HKD 39 [1]