Daiwa Research believes the new measures for property mortgage loans announced by the Hong Kong Monetary Authority are likely to result in some slowdown in market activities, and it sees profit-taking in property developers as opportunities to accumulate.
The research house thinks the new measures are likely to have a similar impact as the previous ones: slower market transactions for a few months (initial reaction in the physical market over the weekend looked rather calm to us though), but overall prices could remain rather firm. However, select estates with keen sellers could see some adjustment in prices after a good run YTD.
Daiwa reaffirm its "positive" rating of the Hong Kong property sector, but it thinks that the likely coming slowdown in market activities could trigger some near-term profit-taking in property developers given that they have had a good run YTD. It sees pull-backs as opportunities to accumulate quality names.
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