Furui released a research report sayingbingohallIn Hong Kong real estate, real estate developers are still optimistic about property developers rather than owners. The bank believes that the market may be overly bearish on the residential market due to strong sales during the recent accelerated launch of real estate projects. Sun Hung Kai Properties (00016) continues to be the bank's industry preferred stock with its rich project reserves, high-quality products and resilient profit margins.

The report pointed out that recent reports have consolidated the bank's view of the property market, which prefers residential and retail over office buildings, and property developers over owners. The bank said that Swire Properties (01972)'s operating index for the first quarter of 2024 was lower than market expectations, reflecting the continued expansion of the company's office rentals and the resistance faced by the retail industry in Hong Kong and the mainland. Hong Kong's retail sales fell surprisingly 7% in March due to increased outbound tourism and a decline in tourist spending. In addition, based on inbound and outbound passenger volume, the bank predicts a 1% decline in retail sales in fiscal year 2024, and expects retail sales to turn positive until July.