<p>摩根大通發佈了一份研究報告，指出國務院關於境外投資的規定（即 “837 號文”）引發了投資者對內地居民是否有資格在香港購買房產的擔憂。該銀行與法律專家召開了電話會議，主要結論包括：內地居民向香港匯款用於購房從未被允許，未來也不太可能獲得批准；然而，如果資金來源於境外，內地居民並不被禁止在香港購買房產；同時，“837 號文” 似乎並不是旨在限制內地居民在香港購房。</p>
<p>摩根大通估計，在香港的住宅市場中，約有 5% 至 10% 的交易（按價值計算佔 10% 至 15%）來自非本地的內地買家。儘管更嚴格的監管可能會產生潛在影響，但如果買家能夠證明其資金來源於境外，交易理論上將不會受到影響。因此，該銀行預計這一單一因素不足以 derail 房地產市場的上行週期。不過，房地產行業仍面臨兩個逆風，即利率預期上升和恒生指數的疲軟。</p>
<p>該銀行預計香港房地產行業在短期內將保持區間震盪。在短期內，長實集團（01113.HK）-0.600 (-1.293%)  空頭賣出 $47.96M；比例 37.788% 和信和置業（00083.HK）-0.240 (-2.158%)  空頭賣出 $14.06M；比例 32.881% 預計將跑贏市場，而恆基地產（00012.HK）-0.220 (-0.824%)  空頭賣出 $54.83M；比例 22.874% 和新世界發展（00017.HK）-0.170 (-2.276%)  空頭賣出 $4.57M；比例 17.400% 可能會表現不佳。此外，該銀行建議在股價疲軟時逐步增持新鴻基地產（00016.HK）-2.000 (-1.711%)  空頭賣出 $287.79M；比例 49.729%。(ad/u)(香港股票報價延遲至少 15 分鐘。空頭賣出數據截至 2026-06-16 16:25。)</p>

新鴻基地產

長實集團

信和置業

摩根大通

JPMO

<p>摩根大通澄清，國務院的 “837 號” 規定並不針對購買香港物業的內地買家，因為離岸資金的購買仍然被允許。該行預計，由於利率上升和恒生指數疲軟，香港房地產市場將保持區間震盪，但相信上升週期將繼續。摩根大通推薦表現優異的長實集團和信和置業，同時建議在價格疲軟時增持新鴻基地產</p>

<p>JPM released a research report stating that the State Council’s regulations on outbound investment (namely &#34;No. 837&#34;) have triggered investor concerns over whether mainland residents are eligible to purchase properties in Hong Kong. The bank held a conference call with legal experts, with key takeaways including: remittances from mainland residents to Hong Kong for the purpose of home purchases have never been permitted and are unlikely to be approved in the future; however, if the source of funds is offshore, mainland residents are not prohibited from buying properties in Hong Kong; meanwhile, &#34;No. 837&#34; does not appear to be aimed at curbing mainland residents from purchasing properties in Hong Kong.</p>
<div class="lb-trans"><p>摩根大通發佈了一份研究報告，指出國務院關於境外投資的規定（即 “837 號文”）引發了投資者對內地居民是否有資格在香港購買房產的擔憂。該銀行與法律專家召開了電話會議，主要結論包括：內地居民向香港匯款用於購房從未被允許，未來也不太可能獲得批准；然而，如果資金來源於境外，內地居民並不被禁止在香港購買房產；同時，“837 號文” 似乎並不是旨在限制內地居民在香港購房。</p>
</div><p>JPM estimates that in Hong Kong’s residential market, around 5% to 10% of transactions (accounting for 10% to 15% by value) are from non-local mainland buyers. Although tighter regulations may have a potential impact, transactions would theoretically remain unaffected if buyers can prove their funds are sourced offshore. Therefore, the bank expects this single factor will not be sufficient to derail the property market’s upcycle. That said, the property sector is still facing two headwinds, namely rising interest rate expectations and weakness in the HSI.</p>
<div class="lb-trans"><p>摩根大通估計，在香港的住宅市場中，約有 5% 至 10% 的交易（按價值計算佔 10% 至 15%）來自非本地的內地買家。儘管更嚴格的監管可能會產生潛在影響，但如果買家能夠證明其資金來源於境外，交易理論上將不會受到影響。因此，該銀行預計這一單一因素不足以 derail 房地產市場的上行週期。不過，房地產行業仍面臨兩個逆風，即利率預期上升和恒生指數的疲軟。</p>
</div><p>The bank expects the Hong Kong property sector to remain range-bound in the near term. In the short run, CK ASSET (01113.HK) -0.600 (-1.293%)  Short selling $47.96M; Ratio 37.788%  and SINO LAND (00083.HK) -0.240 (-2.158%)  Short selling $14.06M; Ratio 32.881%  are expected to Outperform the market, while HENDERSON LAND (00012.HK) -0.220 (-0.824%)  Short selling $54.83M; Ratio 22.874%  and NEW WORLD DEV (00017.HK) -0.170 (-2.276%)  Short selling $4.57M; Ratio 17.400%  are likely to underperform. In addition, the bank recommends accumulating SHK PPT (00016.HK) -2.000 (-1.711%)  Short selling $287.79M; Ratio 49.729%  on share price weakness.(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-16 16:25.)</p>
<div class="lb-trans"><p>該銀行預計香港房地產行業在短期內將保持區間震盪。在短期內，長實集團（01113.HK）-0.600 (-1.293%)  空頭賣出 $47.96M；比例 37.788% 和信和置業（00083.HK）-0.240 (-2.158%)  空頭賣出 $14.06M；比例 32.881% 預計將跑贏市場，而恆基地產（00012.HK）-0.220 (-0.824%)  空頭賣出 $54.83M；比例 22.874% 和新世界發展（00017.HK）-0.170 (-2.276%)  空頭賣出 $4.57M；比例 17.400% 可能會表現不佳。此外，該銀行建議在股價疲軟時逐步增持新鴻基地產（00016.HK）-2.000 (-1.711%)  空頭賣出 $287.79M；比例 49.729%。(ad/u)(香港股票報價延遲至少 15 分鐘。空頭賣出數據截至 2026-06-16 16:25。)</p>
</div>

摩根大通表示，國務院第 837 號文件並不針對內地買家購買香港房產，預計長實集團和信和置業在短期內將表現出色