The HK government announced that the retail sales of the city in May grew 2.4% YoY to HKD31 billion, marking the first uptick in 14 months, beating the broker's flat forecast and the market's forecast of a 1.8% decline, according to a UBS research report, expecting the retail sales in June to continue with low single-digit growth.

Furthermore, the government announced that the policy of the Southbound Travel for Guangdong Vehicles will accept applications starting November. Although the initial phase with 100 quotas is relatively small, an increase in quotas in the future could attract more high-spending mainland tourists, directly benefiting mall operators such as WHARF REIC (01997.HK)  +0.250 (+1.037%)    Short selling $36.66M; Ratio 15.850%   , the broker opined.

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Regarding stocks, UBS believed that the better-than-expected May retail sales and the sustained improvement in tenant sales bode well for retail leasing developers, including LINK REIT (00823.HK)  -0.250 (-0.580%)    Short selling $27.46M; Ratio 8.234%   , SHK PPT (00016.HK)  -0.400 (-0.429%)    Short selling $169.84M; Ratio 46.379%   , WHARF REIC, and HYSAN DEV (00014.HK)  +0.120 (+0.803%)    Short selling $2.50M; Ratio 6.446%   .
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-04 16:25.)