巴克莱资本88页香港房地产行业深度研究报告 英文.docxVIP

Word PAGE 1 PAGE 1 巴克莱资本88页香港房地产行业深度研究报告 英文 巴克莱资本香港房地产行业深度讨论   EQUITY RESEARCH HONG KONG PROPERTY DEVELOPERS Initiation of coverage: Bubble wrap  Positive view on Hong Kong property developers: Although property prices are already overvalued against long-term fundamentals, we expect them to overshoot; low supply, a government unwilling to deflate house prices, negative real mortgage rates and high levels of equity are all supportive of higher property prices, in our view. While all eight developers should benefit, our 1-Overweight picks – SHKP, Sino Land and Kerry Properties –