Hong Kong Property: Conf Takeaways: ST Momentum Overhang; Mid-Term Uptrend on Track

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Hong Kong Property: Conf Takeaways: ST Momentum Overhang; Mid-Term Uptrend on Track

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25 Jun 2026 12:09:19 ET │ 11 pages

Hong Kong Property

Conf Takeaways: ST Momentum Overhang; Mid-Term Upcycle on Track

CITI'S TAKE

Griffin Chan AC

14 property corporates and global investors (25% based outside HK, vs. 5% last year) +852-2501-2438

attended Citi’s Property & Financials Conference. The dominant question was griffin.chan@citi.com

impact of China’s ODI regulation on residential as well as office markets – for which

listed firms identified no visible impact to date, though some flagged possible short- Cindy Li AC

term volume softening with moderation in home price momentum. Most-attended +852-2501-2710

meetings were SHKP, Hongkong Land and CKA. Many investors have trimmed cindy.li@citi.com

exposure due to concern on policy execution, higher interest rate expectations, and

rotation to other sectors or regions. Investors showed greater focus on company-

specific features (DPS, buyback, capital recycling, low-gearing, new IP, new land,

etc.) against unfavorable macro beta. We believe sector share prices could remain

volatile in Jun-Jul, before the likely strong 1H26 results serve as the next potential

catalyst in Aug. Our sector picks are Swire Properties, SHKP, CKA and Link REIT.

Sentiment overhang but no material impact from China’s ODI regulation; <10%

non-HKID buyer; property sits outside of CRS — Despite sentiment overhang,

none of the property firms we met observed any measurable impact from China’s

capital control. Over the past month, there were 1-2 cases of cancellation or

extended completion period (by 1 week); yet such are considered normal and

consistent with prior experience rather than being linked to the policy. Non-HKID