Market Insights | Hong Kong local stocks all fell, Hong Kong retail industry under pressure year-on-year, the cooling effect on the property market is gradually weakening

Hong Kong local stocks fell across the board, with HANG LUNG PPT, WHARF REIC, MTR CORPORATION, and LINK REIT all experiencing declines. According to data from the Hong Kong Immigration Department, during the Dragon Boat Festival holiday, a total of 3.2375 million people entered and exited Hong Kong, with a decrease in mainland visitors. Morgan Stanley expects that Hong Kong's retail sales in May will narrow the year-on-year decline to 13%. In addition, the Hong Kong private residential price index has risen for two consecutive months, but still recorded a 13% year-on-year decline. Citigroup previously published a report indicating a bearish view on the Hong Kong property industry. Property developers are eager to launch new projects, but demand still depends on interest rates. It is expected that Hong Kong property prices will fall by 10% for the whole year