Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>RTHK just reporting that HK Finance Secretary Paul Chan has said in his budget speech that HK will remove all property cooling measures in place, with immediate effect. </li>
<li>That would be That is Special Stamp Duty, Buyer's Stamp Duty, New Residential Stamp Duty. "Measures no longer necessary given the current economic and market conditions."</li>
<li>This should cause people to get excited short-term about property developers.</li>
</ul>


RTHK just reporting that HK Finance Secretary Paul Chan has said in his budget speech that HK will remove all property cooling measures in place, with immediate effect. 
That would be That is Special Stamp Duty, Buyer's Stamp Duty, New Residential Stamp Duty. "Measures no longer necessary given the current economic and market conditions."
This should cause people to get excited short-term about property developers.


Hong Kong To Scrap All "Spicy Measures" (Property Cooling Measures)

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Historic Wealth Erasure: The property downturn vaporized 20 trillion RMB in household equity, trapping the middle class in negative equity and severely freezing discretionary spending across consumer tiers.</li>
<li>Broad Demand Deterioration: Surging youth unemployment, widespread wage cuts, and a classic balance sheet recession are neutralizing stimulus efforts and decimating aggregate retail footfall.</li>
<li>The Structural Shift: Plunging turnover rents and rising vacancies leave retail landlords Hang Lung (101 HK) and Longfor (960 HK) structurally vulnerable amid shifting consumption patterns and evaporating luxury demand.</li>
</ul>


Historic Wealth Erasure: The property downturn vaporized 20 trillion RMB in household equity, trapping the middle class in negative equity and severely freezing discretionary spending across consumer tiers.
Broad Demand Deterioration: Surging youth unemployment, widespread wage cuts, and a classic balance sheet recession are neutralizing stimulus efforts and decimating aggregate retail footfall.
The Structural Shift: Plunging turnover rents and rising vacancies leave retail landlords Hang Lung (101 HK) and Longfor (960 HK) structurally vulnerable amid shifting consumption patterns and evaporating luxury demand.


The 20 Trillion RMB Property Wealth Erosion and Its Impact on China's Structural Retail Slowdown

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/hang-lung-properties-ltd">Hang Lung Properties</a> is a premier developer and operator of high-end commercial properties, with a strategic focus on luxury retail malls under the '66' brand in Hong Kong and nine key cities in mainland China.</li>
  <li>The company faces significant headwinds from a slowing Chinese economy and shifts in consumer behavior, which have pressured rental income and profitability. However, its portfolio of high-quality, well-located assets provides a degree of resilience.</li>
  <li>Trading at a significant discount to its net asset value, the stock appears inexpensive. Future performance hinges on a recovery in Chinese consumer spending, the successful execution of new projects like Westlake 66 in Hangzhou, and navigating a high-interest-rate environment.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Hang Lung Properties is a premier developer and operator of high-end commercial properties, with a strategic focus on luxury retail malls under the '66' brand in Hong Kong and nine key cities in mainland China.
  The company faces significant headwinds from a slowing Chinese economy and shifts in consumer behavior, which have pressured rental income and profitability. However, its portfolio of high-quality, well-located assets provides a degree of resilience.
  Trading at a significant discount to its net asset value, the stock appears inexpensive. Future performance hinges on a recovery in Chinese consumer spending, the successful execution of new projects like Westlake 66 in Hangzhou, and navigating a high-interest-rate environment.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hang Lung Properties (101 HK) - Apr 2026

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Index Rebalance

<ul>
<li>The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to formulaically predict index changes.</li>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of getting added/deleted during the next review in December 2026.</li>
<li>The results are expected to be confirmed publicly on 20th November 2026.</li>
</ul>


The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to formulaically predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of getting added/deleted during the next review in December 2026.
The results are expected to be confirmed publicly on 20th November 2026.


Quiddity Leaderboard Hang Seng Index Dec26: Z.AI, COSCO, 3SBIO Among Our Top Picks

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Our "Buy the Worst" strategy made a strong comeback in 2025, outperforming the HSI by 11.1pp YTD, reversing the losses in the last two years.</li>
<li>For 2026, the strategy will hold <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy (2319 HK)</a>.  </li>
<li>The position in <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy (2319 HK)</a> may be replaced by <a href="https://www.smartkarma.com/entities/new-oriental-education-techn" target="_blank" data-smartkarma-citation="entities:32210:1" rel="noopener">New Oriental Education (9901 HK)</a> or <a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a>, depending on their closing prices on 31 Dec. </li>
</ul>


Our "Buy the Worst" strategy made a strong comeback in 2025, outperforming the HSI by 11.1pp YTD, reversing the losses in the last two years.
For 2026, the strategy will hold Meituan (3690 HK), Li Auto (2015 HK), BYD Electronics (285 HK), JD.com (9618 HK), and China Mengniu Dairy (2319 HK).  
The position in China Mengniu Dairy (2319 HK) may be replaced by New Oriental Education (9901 HK) or Zhongsheng Group (881 HK), depending on their closing prices on 31 Dec. 


"Buy the Worst" HSI Strategy: A Fruitful 2025, Our Picks for 2026

Hong Kong

Hang Lung Properties is a leading property developer and investor with a diverse portfolio in Hong Kong and Mainland China. The company specializes in developing, selling, and leasing premium commercial complexes, including shopping malls and office premises, as well as residential properties. It was incorporated in 1949 and is headquartered in Central, Hong Kong.

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Hang Lung Properties (101 HK)

Hong Kong To Scrap All "Spicy Measures" (Property Cooling Measures)

HK Finance Secretary has introduced the 2024-2025 Budget. All "spicy measures" (property cooling measures) are now lifted. This should push the...

Travis Lundy

The 20 Trillion RMB Property Wealth Erosion and Its Impact on China's Structural Retail Slowdown

Historic Wealth Erosion: The property downturn vaporized 20 trn RMB in household equity, trapping the middle class in negative equity and freezing...

Jacob Cheng

Primer: Hang Lung Properties (101 HK) - Apr 2026

Hang Lung Properties is a premier developer and operator of high-end commercial properties, with a strategic focus on luxury retail malls under...

αSK Primers

Quiddity Leaderboard Hang Seng Index Dec26: Z.AI, COSCO, 3SBIO Among Our Top Picks

We have presented our top 10 picks for addition for HSI in Dec26. In the last 5 rebalances, at least one name has been added from our top 10 picks...

Janaghan Jeyakumar, CFA

"Buy the Worst" HSI Strategy: A Fruitful 2025, Our Picks for 2026

The "Buy the Worst" strategy outperformed the HSI by 11.1pp YTD in 2025. For 2026, it will hold Meituan, Li Auto, BYD Electronics, JD.com, and...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong To Scrap All "Spicy Measures" (Property Cooling Measures)

HK Finance Secretary has introduced the 2024-2025 Budget. All "spicy measures" (property cooling measures) are now lifted. This should push the...

Travis Lundy

The 20 Trillion RMB Property Wealth Erosion and Its Impact on China's Structural Retail Slowdown

Historic Wealth Erosion: The property downturn vaporized 20 trn RMB in household equity, trapping the middle class in negative equity and freezing...

Jacob Cheng

Primer: Hang Lung Properties (101 HK) - Apr 2026

Hang Lung Properties is a premier developer and operator of high-end commercial properties, with a strategic focus on luxury retail malls under...

αSK Primers

Quiddity Leaderboard Hang Seng Index Dec26: Z.AI, COSCO, 3SBIO Among Our Top Picks

We have presented our top 10 picks for addition for HSI in Dec26. In the last 5 rebalances, at least one name has been added from our top 10 picks...

Janaghan Jeyakumar, CFA

"Buy the Worst" HSI Strategy: A Fruitful 2025, Our Picks for 2026

​The "Buy the Worst" strategy outperformed the HSI by 11.1pp YTD in 2025. For 2026, it will hold Meituan, Li Auto, BYD Electronics, JD.com, and...

Osbert Tang, CFA

The "Buy the Worst" strategy outperformed the HSI by 11.1pp YTD in 2025. For 2026, it will hold Meituan, Li Auto, BYD Electronics, JD.com, and...