【出版时间及名称】：2009年11月香港地产行业研究报告
        【作者】：汇丰银行
        【文件格式】：PDF
        【页数】：48
        【目录或简介】：
Contents
1) You can’t stop the tide............................................................................................................................................................... 3
What can the government do? Not much........................................................................................................................... 4
What should the government do? Nothing .......................................................................................................................... 4
And the developers seem to think so too ............................................................................................................................ 4
What about the peg?.......................................................................................................................................................... 5
2) A market cannot run on steroids alone.................................................................................................................................... 6
Affordability is healthy for the mass market......................................................................................................................... 6
Good rental yield support too ............................................................................................................................................. 7
Limited supply .................................................................................................................................................................... 8
Luxury residential is a slightly different story ....................................................................................................................... 8
Liquidity-driven does not equal speculation........................................................................................................................ 8
A word on mainland Chinese buyers.................................................................................................................................. 9
3) Office & retail ............................................................................................................................................................................ 11
Office: falling unemployment is key.................................................................................................................................. 11
Retail: mainland tourists hold the trump card .................................................................................................................... 11
4) Market outlook.......................................................................................................................................................................... 13
Very positive…but it is not a straight line up...................................................................................................................... 13
5) The competitive landscape...................................................................................................................................................... 14
Everyone has gone to China, but….................................................................................................................................. 14
…better to play direct ....................................................................................................................................................... 14
Who has the goods to deliver........................................................................................................................................... 15
6) Sector recommendation .......................................................................................................................................................... 16
7) Company updates .................................................................................................................................................................... 21
Cheung Kong Holdings .................................................................................................................................................... 22
Henderson Land............................................................................................................................................................... 28
Hang Lung Properties ...................................................................................................................................................... 33
SHK Properties ................................................................................................................................................................ 36
Sino Land......................................................................................................................................................................... 41