【出版时间及名称】：2010年5月香港地产行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：26
        【目录或简介】：
We continue to witness declining transaction volumes in the property
market. The impact is particularly profound since the announcement by the
government of the “9+3” measures, followed by the eight measures of Urban
Renewal Authority to curb speculative activities for URA launches.
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Overhang to remain for five more months. End users and investors have
become cautious in view of potentially more drastic measures from the
government. We believe what needs to revive the sentiment in the property
market is the removal of the overhang of the government policy risks. The
government has promised the public a five-month consultation period before
it reaches a decision in the October policy address, regarding the “Home
Ownership Scheme”. We believe from now till October, the overhang of
policy risks is unlikely to be removed and it would continue to put a cap on
property prices.
■
We continue to prefer property investors. Given the risks due to uncertain
policies in the local property market, developers have mostly
underperformed YTD. We believe the underperformance of the developers
are likely to continue into the summer before transaction volumes start
picking up. Our preference remains on the property investors over the
developers. Apart from the recovery in the office rental, we continue to see
strength in the local retail market and retail rents have been on the move.
We continue to like Hongkong Land, Great Eagle, Wharf, and to a lesser
extent, Hysan among the investors.