Morgan Stanley: Cheung Kong (01113) expects that the Hong Kong residential property market may have reached its bottom, and gives it a "synchronized with the market" rating.
Daiwa Securities expects that due to limited land reserves in Cheung Kong Holdings, the launch of the "Floral Sea" project in Tseung Kwan O may be postponed until the right timing, while they may also lean towards retaining more cash on hand.
Morgan Stanley released a research report stating that at the 24th annual Asia-Pacific Summit held recently, the management of Cheung Kong (01113) expressed the view that the residential property market in Hong Kong may have bottomed out, with the Centaline Leading Index rising by 3% over the year, but pricing power has not yet recovered; the office market is expected to take a longer time to recover due to oversupply. Morgan Stanley expects that due to limited land resources of Cheung Kong, they may wait for the right time to launch the "Sea of Flowers" project in Kowloon, while leaning towards retaining more cash on hand. Currently, they have a "Market Perform" rating with a target price of 39 Hong Kong dollars.
Cheung Kong stated that the current rental rate for Phase II of the Chongqing Centre is close to 30%. Morgan Stanley believes that the property has a superior location and the group can wait for the right price before leasing it out. The bank also stated that luxury retail rents are still facing downward pressure, while retail properties in areas with a stable flow of people are expected to perform more steadily.
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