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<Research>UBS: HK Property Trading Slowing after Spicy Measure Withdrawal; Home Prices Still Expected to Fall 5% This Yr
Recommend 10 Positive 20 Negative 18 |
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Since the withdrawal of spicy measures in the property market on 28 February, Hong Kong's new home sales amounted to 4,100 units in March, equivalent to about 40% of 2023 annual sales, but sales have slowed to 1,015 units from the beginning of April to 15 April, UBS released a research report saying. In terms of average daily trading volume, the figure decreased from 133 units in March to 68 units in April, but still higher than the 8-13 units in January to February. Weekly second-hand transactions also slowed downed, and UBS maintained its original forecast of a fall in residential prices of around 5% this year, mainly due to high inventories, high interest rates that may persist for longer and a weak macro-economy in Hong Kong. Among the relevant stocks covered by UBS, CK ASSET (01113.HK) recorded the highest contracted sales of $10.7 billion in Hong Kong from the beginning of 2024 to mid-April, followed by HENDERSON LAND (00012.HK) and KERRY PPT (00683.HK). In terms of stock, UBS preferred SINO LAND (00083.HK) for its net cash level, as well as HENDERSON LAND due to the accelerated farmland resumption from Northern Metropolis. AAStocks Financial News |
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