Henderson Land (0012.HK): Asia Financials Corp Day Takeaways: Strong HK property sales HK$11bn till Apr-FY26. Market overly concerned

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Henderson Land (0012.HK): Asia Financials Corp Day Takeaways: Strong HK property sales HK$11bn till Apr-FY26. Market overly concerned

Equity Research

24 June 2026 | 2:19AM HKT

Henderson Land (0012.HK): Asia Financials Corp Day Takeaways: Strong

HK property sales HK$11bn till Apr-FY26. Market overly concerned

Simon Cheung, CFA

+852-2978-6102 |

simon.cheung@gs.com

Goldman Sachs (Asia) L.L.C.

Alpha Wang

+852-2978-1984 | alpha.wang@gs.com

We hosted Henderson Land management at our Asia Financials Corporate Day Zhaoheng Chen

on Jun 23rd. Benefiting from the strong HK housing market sentiment, the group +852-2978-0901zhaoheng.chen@gs.com|

has been able to secure ~HK$11bn property sales in 4M26, tracking ahead at Goldman Sachs (Asia) L.L.C.

~60% of HK$19.3bn sales achieved in FY25. They also managed to increase ASP Leah+852-2978-6972Pan | leah.pan@gs.com

by 13-14% cumulatively since Sep-25, supportive of DP margin recovery to Goldman Sachs (Asia) L.L.C.

~20% in FY26E (vs. 8% in FY25). When asked about the potential impact of tighter

capital control by Chinese government (see our report on Jun 5), management

believes the mainland Chinese immigrants under the new talent scheme are generally

high income earners (HK$60k per household vs. HK$29k for average HK household),

many of whom may have already set up bank accounts offshore and may not

necessarily rely on alternative ways to transmit capital to HK. After several months of

robust momentum, coupled with the recent stock market correction, it would not be

surprising to see a property sale slowdown ahead, although they remain bullish on

the long-term outlook of HK residential market similar to Sino Land’s view.

Management are also pleased to see that the government has earmarked a