---
title: "JP Morgan expects Hong Kong's retail growth in November to drop to low single digits and maintains a \"neutral\" stance on LINK REIT"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/268190918.md"
description: "JP Morgan expects Hong Kong's retail sales growth in November to slow to low to mid-single digits, as the growth of electronic products may fade, but the accelerated growth of visitors to Hong Kong and the low base effect will offset this. It holds a constructive view on WHARF REIC, as non-essential retail appears to have bottomed; it maintains a neutral stance on LINK REIT, as tenant sales are below expectations, affected by cross-border e-commerce"
datetime: "2025-12-02T06:13:11.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/268190918.md)
  - [en](https://longbridge.com/en/news/268190918.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/268190918.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/268190918.md) | [繁體中文](https://longbridge.com/zh-HK/news/268190918.md)


# JP Morgan expects Hong Kong's retail growth in November to drop to low single digits and maintains a "neutral" stance on LINK REIT

JP Morgan released a report indicating that Hong Kong's retail sales in October grew by 6.9% year-on-year, accelerating from the growth rate in September and reaching a 22-month high. Non-essential consumer goods performed significantly better than essential goods.

Looking ahead to November, the bank expects retail sales growth to slightly slow to low to mid-single digits, mainly due to the potential decline in the unusually strong growth of electronic products; however, the year-on-year growth of visitors to Hong Kong and the low base effect will provide offsets.

Morgan Stanley maintains a constructive view on WHARF REIC (01997.HK) as non-essential retail has shown clear signs of bottoming out, while holding a neutral stance on LINK REIT (00823.HK) due to tenant sales falling short of expectations, primarily affected by the rising penetration of cross-border e-commerce platforms like Pinduoduo (PDD.US)

### Related Stocks

- [WHARF REIC (01997.HK)](https://longbridge.com/en/quote/01997.HK.md)
- [LINK REIT (00823.HK)](https://longbridge.com/en/quote/00823.HK.md)

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