As expected, due to weak economic conditions, residential property prices, retail sales and office rental rates continued to decline in 1H25, CLSA said. However, benefiting from low HIBOR and improved expectations for US interest rate cuts, Hong Kong homebuilders, especially developers, performed well recently. Related NewsJPM Names SWIREPROPERTIES/ HENDERSON LAND/ LINK REIT as Top Picks for HK Developers; More Catalysts Awaiting AheadThe broker maintained its forecast that residential properties will bottom out in 2H25 due to interest rate cuts, but believed that the market is overly optimistic about the temporary decline in HIBOR, expecting HIBOR to rebound soon.