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Furui: Bullish on the recovery of Hong Kong's property market in the first half of the year. First choice for developers are Sun Hung Kai Properties and Sino Land.
Furui released a research report stating that Hong Kong's residential building sales data show that Hong Kong's property market is recovering in the first half of the year, which is beneficial to developers. Even if there are more price cuts for new projects in the third quarter, strong leasing activity will support asset yields and attract investment demand, which will indirectly help sales. Therefore, the bank still prefers developers' stocks over house rental companies, and its top choices are Sun Hung Kai Properties (00016) and Sino Land (00083). Furui predicts that developers will continue to offer discounts in the third quarter, and some developers may delay launching new projects to maintain the average profit margin. However, before an interest rate cut becomes more clear in the fourth quarter, discounts for new projects are expected to continue.
Furui: Bullish on the Hong Kong property market's recovery in the first half of the year. Sino Land (00083) and Sino Land (00016) are preferred developers.
Furui stated that the sales data of residential buildings in Hong Kong shows that the Hong Kong property market is recovering in the first half of the year, which is a bullish sign for developers.
Hong Kong's Distressed Commercial Real Estate Sales Soar in H1
Distressed commercial real estate sales in Hong Kong surged in the first half to comprise 73% of the total volume, the South China Morning Post reported Tuesday, citing real estate firm CBRE.
Market Chatter: Hong Kong Office Vacancy Rate Hits New High in June
Hong Kong's office vacancy rate hit a new high of about 17% in the second quarter, with 15 million square feet vacant, The Standard reported Tuesday, citing CBRE.
Collateralized mortgaging: After the withdrawal of the spice, new Hong Kong people have become a new purchasing power, and it is expected that the price of Hong Kong's entire year will narrow down by 3% to 5%.
According to Cao Deming, the mortgage ratio of new Hong Kong residents has been consistently high, increasing from 18.6% in the first quarter of last year to 29.2% in the second quarter of this year.
Credit Suisse reaffirms its 'buy' rating for SHK Properties, with a target price of HKD 91.
Fulai released a research report stating that it maintains a 'buy' rating on Shk Ppt (00016) with a target price reduced from HKD 94 to HKD 91. The bank believes that the market's forecast for the company's gross profit in fiscal year 2024 may be overly optimistic, but the recent stock price decline should have taken this into consideration. Even if the company's dividends per share are lower than market expectations, the estimated dividend yield for fiscal year 2024 is 5.6%, which may increase to 6.5% next year. The bank previously pointed out that most of New World's IP projects are expected to be completed in fiscal years 2025/2026. Coupled with the continuous improvement in contract sales, it is likely to significantly increase the company's cash flow and improve it in the medium term.
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