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Hong Kong Property Sector Sees Recovery Concentrated in Some Segments, S&P Says

marketscreener

Hang Seng Index

SUNLIGHT REIT

Hang Seng Composite Index

China Southern Hang Seng ETF

Yinhua CSI Interior Real Estate Theme ETF

ChinaAMC CSI All Share Real Estate ETF

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Hong Kong Property Sector Sees Recovery Concentrated in Some Segments, S&P Says

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The World Trade Organization's latest report indicates that Hong Kong has become the world's fifth-largest trading entity in 2025, reflecting its resilience in merchandise trade. The Hong Kong Trade Development Council (HKTDC) attributes this success to the 'One Country, Two Systems' principle and a free business environment. The national 15th Five-Year Plan aims to further integrate Hong Kong into national development, enhancing its status as a global financial and trade hub. HKTDC will continue to promote Hong Kong as a two-way investment hub through international exhibitions and business missions.

- The World Trade Organization's latest report shows that Hong Kong became the fifth largest trading entity globally in 2025, rising two places from the previous year.  
- The Hong Kong Trade Development Council highlights that this achievement reflects Hong Kong's resilience in goods trade, supported by the "One Country, Two Systems" principle and its open business environment.  
- The report aligns with China's 15th Five-Year Plan, aiming to enhance Hong Kong's role as an international financial and trade center while fostering innovation and talent development.

Asian Corporate Newswire

CSOP HSI ETF

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FL2 CSOP HSI

FI2 CSOP HSI

HKTDC's response to World Trade Organization's latest report

More Hongkongers are opting for mainland Chinese tours during the Easter holiday due to the ongoing conflict in the Middle East, which has disrupted air travel. The Hong Kong Tourism Association reported a 30% year-on-year increase in outbound tour groups to the mainland. Many travelers are shifting from plans to visit Europe or the Middle East to mainland destinations. Additionally, local airlines have raised fuel surcharges amid rising global fuel prices. The Immigration Department anticipates 6.44 million trips through Hong Kong's border during the Easter and Ching Ming Festival holiday.

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Hongkongers opt for mainland Chinese tours during Easter amid Middle East war

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China's services activity showed slower growth in March, with the services purchasing managers' index dropping to 52.1 from 56.7 in February, indicating weak consumer demand post-Lunar New Year holiday. The official PMI indicated gains in producer services, but consumer services like retail remained in contraction. Input prices rose slightly, yet companies reduced selling prices to stimulate sales. Consumer spending has had a poor start to the year, prompting the government to lower its growth target to 4.5%-5%, the lowest since 1991, while scaling back fiscal stimulus plans.

- China's service sector activity expanded at a weak pace in March, indicating soft consumer demand after the long holiday.  
- The RatingDogChina service purchasing managers' index fell from 56.7 in February to 52.1, dropping more than expected, while economists had predicted 53.6.  
- Despite a slight uptick in official PMI data, consumption services like retail remain in contraction, posing challenges for the government as it aims to shift economic focus towards consumer spending.

Bloomberg

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iShares China Large Cap

SSE Index

Invesco Golden Dragon China

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E Fund MSCI China A50 Interconnection ETF

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CSOP A50 ETF

China Services Gauge Slows After Boost From New Year Holiday

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Data shows that China's services PMI has remained in expansion for 39 consecutive months. Solid domestic demand is the main supporting force, and moderate cost pressures have led companies to lower prices to boost demand. Businesses remain optimistic about market prospects for the coming year. The composite output index also fell from 55.4 to 51.5 in March, indicating a slower pace of expansion but still near the average over the past two years

- China's service sector continued to expand in March, with the activity index at 52.1, down from 56.7 in February, indicating ongoing growth for the 39th month.  
- Domestic demand remains robust while international new business saw a slight decline after previous growth, contributing to the second consecutive month of job contraction in the sector.  
- Despite these challenges, businesses maintain a positive outlook for the next 12 months, supported by stabilizing prices and ongoing demand.

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China's March Services PMI Drops to 52.1, Domestic Demand Supports Continued Expansion

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Since the beginning of this year, southbound funds have continuously increased their positions in the Hong Kong stock market, becoming an important source of incremental funds for the market. According to Wind Information, as of the close on April 2, the net buying scale has reached HKD 228.08 billion year-to-date. (Securities Daily)

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Hang Seng China Enterprises Index

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Southbound funds accelerate "shopping" for Hong Kong stocks, with a net purchase exceeding HKD 228 billion this year

In Asia, Australian and Hong Kong markets are closed for the Easter weekend, although Japanese markets are set for a stronger open.

Asia-Pacific markets rise in Easter trade on hopes for Hormuz reopening

In the first quarter of 2026, Hong Kong new home sales registrations hit an ATH (All-Time High) for the same period, while "big-ticket" buyers entering the market reached an 18-year high for the period, positioning the city as the "leader" of the national property market. Amid geopolitical conflicts in the Middle East, safe-haven capital is shifting toward Hong Kong. Supported by rental floors and declining interest rates, along with talent schemes attracting end-user demand, the property market is warming up. Large-value transactions by Mainland buyers are frequent. Experts expect the Hong Kong property market to remain on an upward trajectory, though home prices will not surge abruptly

Hong Kong Property Market: "Big-Ticket" Buyers Hit an 18-Year High for the Period; One Investor Splurges HK$100 Million on 10 Units, Another Earns HK$1.1 Million from Resale

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Hong Kong's commercial real estate sector is showing signs of recovery, as reported by S&P. Improvements are noted in Grade A office and retail markets, with strong net absorption and retail sales growth. However, S&P warns that this recovery is limited to prime locations and not comprehensive. Office and retail rents may continue to decline until 2026, although the pace of decline could slow.

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Hang Seng Composite LargeCap

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Hong Kong's Commercial Real Estate Shows Signs of Recovery, S&P Reports

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Hang Seng Index futures rose 0.58% overnight to 25,233 points. Hang Seng TECH Index futures rose 0.64% overnight to 4,689 points

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Hong Kong Logs Decline in High-End Home Sales Amid Higher Stamp Duty

Hong Kong Logs Decline in High-End Home Sales Amid Higher Stamp Duty

OpenAI

In the first quarter of 2023, Hong Kong ranked first globally in IPO and secondary listing financing, accounting for 33% of the market share. Deloitte stated that the listings of SpaceX and OpenAI will pose challenges for Hong Kong, but the city still has advantages, with an expected new stock fundraising amount of at least HKD 300 billion. In the first quarter, Hong Kong conducted a total of 23 original IPOs, raising USD 4.7 billion, and 15 secondary listings, raising USD 8.5 billion, both setting historical highs

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Hong Kong stocks ranked first globally in fundraising in the first quarter, facing challenges from SpaceX on the road to IPO supremacy

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Hong Kong stocks performed weakly before the long holiday, with the Hang Seng Index falling 177 points to close at 25,116 points. The market was unsettled by Trump's tough rhetoric towards Iran, leading to declines in both US and Hong Kong stocks. Although oil stocks such as PetroChina and CNOOC rose, the overall market turnover was HKD 243.628 billion. Net inflow of southbound funds was HKD 19.828 billion. Hong Kong stocks will be closed for the holiday on the 3rd, and are expected to remain closed next Monday and Tuesday, resuming trading on Wednesday

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Global X Autonomous & Electric V

HFT CSI Auto Components Thematic ETF

E Fund CSI Hongkong Bond Investment Theme ETF

Guotai CSI 800 Automobile and Parts ETF

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ChinaAMC CSI Hong Kong Connect Automobile Industry Thematic ETF

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ChinaAMC CSI Auto Components Thematic ETF

"Market Review" Hong Kong stocks decline before the long holiday, Geely and Chery rise against the trend

The Hong Kong Financial Technology Association (FTAHK) has developed a blueprint to achieve a 90% application rate of AI in financial institutions by 2030, aiming to make Hong Kong one of the top three global leaders in AI innovation in the financial industry. The white paper released by the association indicates that Hong Kong's AI application rate is already above the global average, but it still faces challenges such as a shortage of talent and fragmented data infrastructure. The blueprint also includes attracting investments ranging from HKD 8 billion to HKD 12 billion, launching 75 new AI financial products, and recommending that regulatory bodies expand the sandbox scope to support small and medium-sized enterprises

The Hong Kong FinTech Association formulates an AI blueprint to promote a 90% application rate in the financial industry, attracting HKD 12 billion in investment funds to Hong Kong

$Hang Seng Index(00HSI.HK)has evolved into a hybrid market that reflects China’s economic cycle more than Hong Kong’s domestic fundamentals. Its performance is increasingly driven by mainland policy follow-through, earnings durability in platform and financial stocks, and cross-border capital flows via Stock Connect. Valuation alone is no longer a catalyst; sustained upside depends on whether policy support translates into real profit recovery and renewed confidence from long-term global investors.

$XTALPI(02228.HK) The first to rise in the Hong Kong stock watch list! Push it up!

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Alibaba HK SDR 5to1

Alibaba

The exchange rate of HKD against USD is rising rapidly. Will there still be big opportunities in Hong Kong stocks? $Hang Seng Index(00HSI.HK) $Hang Seng TECH Index(STECH.HK)

While the US stock market hovers under the shadow of tariffs, the Hong Kong stock market is experiencing a liquidity-driven structural frenzy. But is this 'Hong Kong stocks feast' the beginning of a trend revaluation, or a short-lived bubble induced by capital?From a macro perspective, the weak dollar cycle and the abundance of Hong Kong dollar liquidity are the core drivers of the Hong Kong stock market. In May, US tariff revenue surged to a peak of $22 billion, yet the CPI remained stable, coupled with the potential impact of immigration policies on the job market, the probability of a Fed rate cut in June-July is extremely low. The US stock market remains in a tug-of-war between 'chicken ribs market and downside risk.' In contrast, the Hong Kong dollar exchange rate has quickly slid from the strong-side guarantee to the weak-side edge, HIBOR rates are nearly zero, and the abundant liquidity is flooding into new consumption, innovative drugs, and A/H premium targets, driving both blue-chip dividend stocks and growth assets higher.However, the sustainability of the structural revaluation of Hong Kong stocks is highly dependent on the liquidity environment. The current extremely low level of HIBOR has deviated from the US benchmark interest rate. If the Fed's policy shifts or there are changes in the supply and demand of funds, a liquidity retreat could trigger a valuation correction. More critically, the structural premium of the same asset in Hong Kong stocks compared to A-shares lacks fundamental support. In a market dominated by southbound funds, caution is needed against the risk of valuation overshoot under 'capital frenzy.'In the short term, as long as the cost of borrowing in Hong Kong dollars remains low, there is still room for liquidity-driven revaluation to continue. However, in the long term, whether Hong Kong stocks can escape the 'capital market' dilemma depends on whether corporate earnings can take over liquidity as the anchor of valuation. Investors need to closely monitor changes in HIBOR rates and maintain sensitivity to risks amid the liquidity feast. $Hang Seng Index(00HSI.HK)

$Hang Seng Index(00HSI.HK)When the Hong Kong dollar triggers the strong-side convertibility undertaking, the Hong Kong government will be forced to issue Hong Kong dollars to buy US dollars (unless Hong Kong abandons the linked exchange rate system due to another crisis caused by excessive base money).Short-term may benefit the Hong Kong stock market.

On a weekly basis, the southbound capital flow in Hong Kong stocks was a net outflow in the past week. This is unusual, as it's the first time this has happened in at least over a year. $HSTECH ETF(03032.HK) $Hang Seng Index(00HSI.HK) $XIAOMI-W(01810.HK)

XIAOMI-WR

XIAOMI-W

Xiaomi HK SDR 2to1

Xiaomi Corporation

$XTALPI(02228.HK)$Hang Seng Index(00HSI.HK)This is a key macro indicator for Hong Kong stocks.

$Hang Seng Index(00HSI.HK) $XTALPI(02228.HK) Who should be blamed for these poor souls in Hong Kong stocks today? Sigh... damn it

During the 2018 trade war, Gao Shanwen gave a relatively well-known internal speech:Our generation has already made enough money, so young people should just wash up and go to sleep.As for the 2025 tariff war, what I want to say is: young people might not be able to sleep.$Hang Seng Index(00HSI.HK)$Hang Seng TECH Index(STECH.HK)$Invesco QQQ Trust(QQQ.US)$SPDR S&amp;P 500(SPY.US)

Invesco QQQ Trust

SPDR S&P 500

Another day protected by southbound capital! At 13:30 in the afternoon, the southbound capital suddenly surged, and the intraday chart skyrocketed after a 10-minute delay (did you day trade during these 10 minutes? 😂).Unlike yesterday, the southbound capital first rose and then fell in the morning, showing overall weakness. By 13:30, the net purchase was only 1.5 billion. After the surge, the cumulative net purchase for the day reached 5.15 billion. Compared with yesterday, I'm more convinced that there is a will behind the southbound capital.$Hang Seng Index(00HSI.HK) $BABA-W(09988.HK) $TENCENT(00700.HK)

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Hong Kong Property Sector Sees Recovery Concentrated in Some Segments, S&P Says

HKTDC's response to World Trade Organization's latest report

Hongkongers opt for mainland Chinese tours during Easter amid Middle East war

China Services Gauge Slows After Boost From New Year Holiday

China's March Services PMI Drops to 52.1, Domestic Demand Supports Continued Expansion