Hong Kong property stocks rose in early trading with Wharf REIC (01997) up 2.4%, Henderson Land (00012) up 2.45%, SHK PPT (00016) up 1.63%, New World Dev (00017), Hang Lung PPT (00101), Sino Land (00083) and others followed the trend.
According to the preliminary statistics from the tourism board, the number of visitors to Hong Kong in June increased by 14% compared to the same period last year, totaling 3.13 million. The total number of visitors in the first half of this year was about 21 million, an increase of 64% over the same period last year. The average daily number of visitors was 0.116 million. The data showed that about 16.1 million mainland visitors came to Hong Kong in the first half of this year, an increase of six-tenths over the same period last year, and the non-mainland visitors increased by eight-tenths to 5 million.
JPMorgan released a report analyzing the market performance of Hong Kong property stocks and their relationship with interest rate changes. The report pointed out that although property stocks may have performed better than the market recently, rate cuts alone are not enough to sustain stock price increases, as the industry's fundamentals have not shown clear improvement. The industry fundamentals mentioned in the report include high residential inventory levels, retail trade facing exchange rate pressures, and sluggish demand for office buildings.