APAC Property, Banks, Insurance & Data Center: What’s New from Citi’s 2026 Property & Financials Conference

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APAC Property, Banks, Insurance & Data Center: What’s New from Citi’s 2026 Property & Financials Conference

ttended meetings were SHKP, Hongkong Land and CKA. Many investors have

cindy.li@citi.com trimmed exposure due to concerns 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

buyers are within 10% per developers (this is in-line with our own analysis through

data from Inland Revenue Department). Per our observation, even for projects in

Kai Tak (an area popular among mainland buyers), the share of non-HKID holders is

c.15% despite 77% carrying mainland surnames (at Victoria Voyage). We believe HK

property remains an attractive asset allocation, not only to meet living needs or

earn rental yield, but also because it falls outside the scope of China’s CRS tax

enforcement. According to developers, KYC responsibilities rest with financial