Following the Fed concluded its September meeting and decided to maintain the target range for the federal funds rate at 0.25-0.50%, Macquarie Research reiterated its positive view on HK property market, and believes the HK residential market is in the recovery stage.
The research house believes this is largely attributable to three mortgage rate cuts offsetting concerns about US interest rate hikes, and the return of homebuyers.
Macquarie believes there is more upside possible on further re-rating of HK developers. In terms of subsector preference, it sees HK developers as offering the highest risk/reward return compared to other sub-sector spaces (office & retail).
Its top picks are Sun Hung Kai Properties (00016) and CK Property (01113). New World Development (00017) has a high beta and would be a key beneficiary of any HK recovery.
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