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<Research>G Sachs Lifts TPs for Developers, Expects 5%/ 2% Growth in Property Prices/ Retail Rents Next Yr
According to a research report by Goldman Sachs, property prices in Hong Kong have rebounded by 1% since mid-March, and retail sales also achieved a YoY growth of 2% in May.Althoug...
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<Research>G Sachs Lifts TPs for Developers, Expects 5%/ 2% Growth in Property Prices/ Retail Rents Next Yr
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According to a research report by Goldman Sachs, property prices in Hong Kong have rebounded by 1% since mid-March, and retail sales also achieved a YoY growth of 2% in May.

Although office vacancy rates remained high at 13-14%, the recent recovery in the stock market and the resumption of capital market activities have driven demand upwards. The improvement in these fundamentals, along with a weaker USD and declining interest rates, has led to a 5-45% increase in Hong Kong real estate and conglomerate stocks YTD.

Related NewsM Stanley Favors SHK PPT/ HENDERSON LAND; Mkt Expects HK Property Prices to Bottom Out
Overall, Goldman Sachs forecasted a 5%/ 2% YoY increase in property prices/ retail rents in 2026, with office rents remaining flat. Meanwhile, net asset value is expected to regain growth.

The broker also mentioned that some companies, such as HENDERSON LAND (00012.HK)  +0.050 (+0.179%)    Short selling $61.06M; Ratio 39.824%   , MTR CORPORATION (00066.HK)  +0.450 (+1.596%)    Short selling $55.47M; Ratio 24.493%   , and SWIREPROPERTIES (01972.HK)  +0.200 (+0.955%)    Short selling $11.12M; Ratio 18.606%   , have recently taken advantage of improved market sentiment to raise funds through bond issuance.

Regarding stock selection, Goldman Sachs downgraded MTR CORPORATION's rating from Buy to Neutral, with the target price reduced from HKD31.6 to HKD31.3. It maintained a Neutral rating for HYSAN DEV (00014.HK)  +0.080 (+0.503%)    Short selling $1.29M; Ratio 3.581%   , with the target price raised from HKD15.2 to HKD16.8. It also kept a Sell rating for WHARF HOLDINGS (00004.HK)  -0.150 (-0.648%)    Short selling $6.88M; Ratio 60.452%   , with the target price increased from HKD20 to HKD21.

Related NewsHSBC Research: HK Property Sector's Worst Cycle Over; Home Prices Expected to Hike 2%/ 3% in 2025/ 2026
As for HANG LUNG PPT (00101.HK)  +0.200 (+2.581%)    Short selling $22.94M; Ratio 11.857%   , SWIREPROPERTIES, WHARF REIC (01997.HK)  +0.050 (+0.196%)    Short selling $33.92M; Ratio 37.583%   , and LINK REIT (00823.HK)  -0.100 (-0.225%)    Short selling $30.08M; Ratio 11.967%   , they were still rated as Buy, with target prices added to HKD9.3, HKD24.1, HKD29.7, and HKD53.1, respectively.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-30 16:25.)

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