BofA Securities keeps forecast of 15% – 20% contraction in Hong Kong home prices in 2022 – 23 easing entry restrictions
VIEWS & ANALYSIS
BofA Securities keeps forecast of 15% – 20% contraction in Hong Kong home prices in 2022 – 23 easing entry restrictions
VIEWS & ANALYSIS

BofA Securities keeps forecast of 15% – 20% contraction in Hong Kong home prices in 2022 – 23 easing entry restrictions

 

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Hong Kong government’s relaxation in the entry restrictions for inbound persons may have relatively milder actual benefit for the city’s property sector for now, BofA Securities said in a note.

While loosening quarantine requirements will render business travel to Hong Kong more viable, investors’ reactions to the new policy have remained lukewarm so far, it said.

The bank maintained the Neutral rating for Wharf Real Estate Investment Company, with a target price of HK$40. SWIRE Properties and SWIRE Pacific were selected as the sector top picks, with a target price of HK$22 and HK$65, respectively.

BofA Securities maintained its forecast of a 15-20% contraction in Hong Kong home prices in 2022-23 and kept the Underperform rating for Henderson Land, with a target price of $24.