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<Research>Citi Expects Optimized Capital Investment Scheme to Drive Continued Outperformance in Ultra-Luxury Housing Mkt; Top Picks LINK REIT/ SWIREPROPERTIES/ SHK PPT
Recommend 12 Positive 17 Negative 15 |
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Hong Kong's Chief Executive John Lee has delivered his fourth Policy Address, and his intention to optimize the Capital Investment Scheme is expected to keep the ultra-luxury housing market ahead of the curve, according to a Citi research report. Transactions of properties priced from HKD30 million to HKD50 million accounted for about 1.2% of total deals in 1H25, involving a transaction value of around HKD14 billion. The new measures could boost sales of projects such as SHK PPT's (00016.HK) Victoria Harbour, Cullinan Harbour, and Dynasty Court, SINO LAND's (00083.HK) St. George’s Mansion, as well as HENDERSON LAND (00012.HK) and NEW WORLD DEV's (00017.HK) Bamboo Grove (Hysan), 8 Castle Road. The report also highlighted measures aimed at encouraging the conversion or redevelopment of offices and hotels into student housing. For offices, Citi believes that converting Grade B buildings (such as SINO LAND's HK Pacific Centre, Sino Plaza, Future Plaza; SUNLIGHT REIT (00435.HK); CMC REIT (01503.HK)) or Grade C buildings would be more cost-effective, while the feasibility of converting Grade A properties is relatively low. Citi’s top picks were LINK REIT (00823.HK), SWIREPROPERTIES (01972.HK), and SHK PPT. It was also positive on HANG LUNG PPT (00101.HK), particularly for its retail portfolio in China and its Hangzhou mall. AAStocks Financial News |
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