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<Research>Citi: Top Picks in Local Property Stocks SHK PPT, CK ASSET, SWIREPROPERTIES, LINK REIT
Hong Kong's retail sales in April grew 8.6% YoY, showing solid performance, but the growth rate slowed from 13% in March and 12% in 1Q26, Citi said in its report. Growth in the...
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<Research>Citi: Top Picks in Local Property Stocks SHK PPT, CK ASSET, SWIREPROPERTIES, LINK REIT
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Hong Kong's retail sales in April grew 8.6% YoY, showing solid performance, but the growth rate slowed from 13% in March and 12% in 1Q26, Citi said in its report. Growth in the luxury segment slackened to 20% YoY, vs 28% in 1Q26, mainly reflecting fading base effects and a declining gold prices.

Supermarket sales continued to show stable signs, rising 3% YoY, partly benefiting from increased promotional efforts by merchants. Online retail maintained strong momentum, growing 31% YoY and now accounting for 10% of total retail sales, reflecting continued shifts in consumer habits.

Related News M Stanley Expects Hong Kong May Retail Sales Data to Maintain High Single-Digit YoY Growth; LINK REIT (00823.HK) Rental Trend Stable
The broker had earlier upgraded LINK REIT (00823.HK)  -0.680 (-1.749%)    Short selling $122.09M; Ratio 19.547%   to Buy, mainly due to stabilizing market rents and the company's shift to an "asset disposal + share buyback" capital management strategy.

In the luxury retail market in Hong Kong and mainland China, investor concerns over slower SSSG in 2H due to a higher base have been the main reason for the recent share price correction.

Nevertheless, the broker said HANG LUNG PPT (00101.HK)  +0.020 (+0.255%)    Short selling $26.10M; Ratio 27.213%   's 6.5% dividend yield has begun to attract income-seeking investors, while tenant sales performance at Harbour City under WHARF REIC (01997.HK)  -0.200 (-0.868%)    Short selling $24.94M; Ratio 29.720%   has outperformed the broader market.

Related News JPM: HK Apr Retail Sales Growth Moderates; Reiterates Neutral on LINK REIT (00823.HK), WHARF REIC (01997.HK)
Across the Hong Kong property sector, the broker's top picks are SHK PPT (00016.HK)  -2.800 (-2.264%)    Short selling $221.26M; Ratio 24.368%   , CK ASSET (01113.HK)  -0.520 (-1.113%)    Short selling $68.81M; Ratio 25.211%   , SWIREPROPERTIES (01972.HK)  -0.600 (-2.710%)    Short selling $6.18M; Ratio 3.664%   and LINK REIT (00823.HK)  -0.680 (-1.749%)    Short selling $122.09M; Ratio 19.547%   .
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-05 16:25.)

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