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HSBC Research Expects HK Home Mkt to be Further Squeezed, Developers to See Higher Risk of Lower Earning Forecasts
HSBC Global Research stated in a report that the anticipated recovery for the Hong Kong property market did not happen despite the government's launch of accommodative measures...
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HSBC Research Expects HK Home Mkt to be Further Squeezed, Developers to See Higher Risk of Lower Earning Forecasts
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HSBC Global Research stated in a report that the anticipated recovery for the Hong Kong property market did not happen despite the government's launch of accommodative measures to spur housing demand. Given how the year-to-date upswing in home prices had been wiped out, coupled with negative news such as land sales withdrawal and sputtering economic growth, the sentiment towards the real estate sector would likely remain weak, the report added.

The broker forecast the residential home prices in Hong Kong to remain under pressure in the near term, projecting the prices to tumble by 5% over the first half of 2024, with property developers facing risks for lower earnings estimates and underperformance against the broader market.

Related NewsUBS: HK Home Mkt To Still Face Challenges in 1H24 even with Full Removal of Spicy Measures
HSBC Global Research retained its defensive deployment in the Hong Kong real estate sector, and highlighted developers with ample cash such as CK ASSET (01113.HK)  0.000 (0.000%)    Short selling $16.43M; Ratio 5.042%   and SINO LAND (00083.HK)  0.000 (0.000%)    Short selling $10.96M; Ratio 6.509%   . The two stocks were rated at Buy, with a respective target price of $53.1 and $10.3, as the broker believed that they were better positioned in such challenging market landscape. A complete removal of spicy measures and rate cuts should become the key catalysts for the re-rating of the industry, the broker remarked.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-02-29 16:25.)

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