Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

<ul>
<li>Hong Kong new home sales (March 2026, units sold) were +24% 12MMA y/y, secondary transactions at +26%.</li>
<li>Secondary price growth y/y accelerated to +9.8% for the all-developments index, +10.4% for select developments.</li>
<li>Inventory data (for December; March data not released yet) continues to show improvements. </li>
</ul>


Hong Kong new home sales (March 2026, units sold) were +24% 12MMA y/y, secondary transactions at +26%.
Secondary price growth y/y accelerated to +9.8% for the all-developments index, +10.4% for select developments.
Inventory data (for December; March data not released yet) continues to show improvements. 


Hong Kong Property: The Housing Market Rebound In Numbers And Charts - March 2026 Data

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Tokyo and Yokohama are planning to acquire more than 1,000 homes by the year 2025, indicating a major investment in the residential real estate market.</li><li>Acrophyte is set to purchase the management company of Suntec REIT from ESR for a substantial sum of $147 million, highlighting ongoing activity in the real estate sector.</li><li>The 12th Asia Property Awards celebrated significant achievements in real estate, recognizing key contributors and innovators in the Greater China region.</li></ul>

Tokyo and Yokohama are planning to acquire more than 1,000 homes by the year 2025, indicating a major investment in the residential real estate market.Acrophyte is set to purchase the management company of Suntec REIT from ESR for a substantial sum of $147 million, highlighting ongoing activity in the real estate sector.The 12th Asia Property Awards celebrated significant achievements in real estate, recognizing key contributors and innovators in the Greater China region.

Asia Real Estate Tracker (18-Dec-2025): Tokyo, Yokohama acquire over 1,000 homes by 2025.

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>In the last 4 weeks, the HSI constituents with the highest yields have gained 3-4%, while the lowest-yielding ones have lost an average of 4%. </li>
<li>The top 15 high-yield constituents will deliver an average yield of 6.2% for FY26. The number increased to 25 when we include those at over 5%.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>, <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a>, <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a>, and <a href="https://www.smartkarma.com/entities/power-assets-holdings-ltd" target="_blank" data-smartkarma-citation="entities:788:1" rel="noopener">Power Assets Holdings (6 HK)</a> also have net cash. </li>
</ul>


In the last 4 weeks, the HSI constituents with the highest yields have gained 3-4%, while the lowest-yielding ones have lost an average of 4%. 
The top 15 high-yield constituents will deliver an average yield of 6.2% for FY26. The number increased to 25 when we include those at over 5%.

China Mobile (941 HK), CNOOC Ltd (883 HK), Haidilao International Holding (6862 HK), China Unicom Hong Kong (762 HK), and Power Assets Holdings (6 HK) also have net cash. 


<ul>
<li>Although lower interest rates will benefit the technology sector more, many investors will still opt for high-yield stocks to protect their income stream.</li>
<li>
<a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>, <a href="https://www.smartkarma.com/entities/hang-lung-properties-ltd" target="_blank" data-smartkarma-citation="entities:49:1" rel="noopener">Hang Lung Prop (101 HK)</a>, <a href="https://www.smartkarma.com/entities/china-hongqiao-group-ltd" target="_blank" data-smartkarma-citation="entities:1909:1" rel="noopener">China Hongqiao (1378 HK)</a>, <a href="https://www.smartkarma.com/entities/hengan-international-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29:1" rel="noopener">Hengan Intl Group (1044 HK)</a>, and <a href="https://www.smartkarma.com/entities/henderson-land-development-co" target="_blank" data-smartkarma-citation="entities:376:1" rel="noopener">Henderson Land (12 HK)</a> are the top 5 high-yield HSI constituents.</li>
<li>Mainland China banks no longer made the list, but <a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a> and <a href="https://www.smartkarma.com/entities/bank-of-china-ltd-h" target="_blank" data-smartkarma-citation="entities:656:1" rel="noopener">Bank Of China Ltd (H) (3988 HK)</a> remain attractive at 5.7% and 5.6%, respectively.</li>
</ul>


Although lower interest rates will benefit the technology sector more, many investors will still opt for high-yield stocks to protect their income stream.

CNOOC Ltd (883 HK), Hang Lung Prop (101 HK), China Hongqiao (1378 HK), Hengan Intl Group (1044 HK), and Henderson Land (12 HK) are the top 5 high-yield HSI constituents.
Mainland China banks no longer made the list, but ICBC (H) (1398 HK) and Bank Of China Ltd (H) (3988 HK) remain attractive at 5.7% and 5.6%, respectively.


HK Strategy: Time to Revisit the Yield Story

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Hong Kong’s booming IPO market is fueling a partial rebound in the city’s beleaguered office sector, with Central’s premium business district leading the recovery.</li><li>However, persistently high vacancy rates citywide mean rents are expected to keep falling throughout 2025, according to a report released Monday by CBRE, the real estate services company.</li><li>The report shows Hong Kong’s office net absorption — the net change in leased space accounting for new leases, expansions and vacancies — turned positive in the second quarter of 2025. The market recorded 147,700 square feet (13,700 square meters) of net take-up, breaking a two-quarter streak of negative figures and signaling an improvement in leasing activity.</li></ul>

Hong Kong’s booming IPO market is fueling a partial rebound in the city’s beleaguered office sector, with Central’s premium business district leading the recovery.However, persistently high vacancy rates citywide mean rents are expected to keep falling throughout 2025, according to a report released Monday by CBRE, the real estate services company.The report shows Hong Kong’s office net absorption — the net change in leased space accounting for new leases, expansions and vacancies — turned positive in the second quarter of 2025. The market recorded 147,700 square feet (13,700 square meters) of net take-up, breaking a two-quarter streak of negative figures and signaling an improvement in leasing activity.

Hong Kong’s IPO Boom Breathes Life Into Office Sector, but Rents Still Under Pressure 

Hong Kong

Henderson Land Development is a leading property developer with core businesses in property development, property investment, project management, construction, property management, and financial services. The company creates high-quality new homes and commercial developments, including city landmarks such as The Henderson and the International Finance Centre complex in Hong Kong, and World Financial Centre (WFC) in Beijing. It was founded in 1976 and is headquartered in Hong Kong.

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Henderson Land Development (12 HK)

Hong Kong Property: The Housing Market Rebound In Numbers And Charts - March 2026 Data

Hong Kong new home sales and secondary transactions saw strong growth in March 2026, with secondary prices also rising significantly. Inventory...

Robert Ciemniak

Asia Real Estate Tracker (18-Dec-2025): Tokyo, Yokohama acquire over 1,000 homes by 2025.

Tokyo and Yokohama aim to acquire 1,000 homes by 2025, Acrophyte plans to buy Suntec REIT's management for $147M, and the Asia Property Awards...

Asia Real Estate Tracker

HK Strategy: Focusing Back on Yields

High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...

Osbert Tang, CFA

HK Strategy: Time to Revisit the Yield Story

High-yield stocks like CNOOC, Hang Lung Prop and Henderson can protect income stream despite lower interest rates favouring the tech sector. ICBC...

Osbert Tang, CFA

Hong Kong’s IPO Boom Breathes Life Into Office Sector, but Rents Still Under Pressure

Hong Kong’s booming IPO market is fueling a partial rebound in the city’s beleaguered office sector, with Central’s premium business district...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Property: The Housing Market Rebound In Numbers And Charts - March 2026 Data

​Hong Kong new home sales and secondary transactions saw strong growth in March 2026, with secondary prices also rising significantly. Inventory...

Robert Ciemniak

Asia Real Estate Tracker (18-Dec-2025): Tokyo, Yokohama acquire over 1,000 homes by 2025.

Tokyo and Yokohama aim to acquire 1,000 homes by 2025, Acrophyte plans to buy Suntec REIT's management for $147M, and the Asia Property Awards...

Asia Real Estate Tracker

HK Strategy: Focusing Back on Yields

​High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...

Osbert Tang, CFA

HK Strategy: Time to Revisit the Yield Story

​High-yield stocks like CNOOC, Hang Lung Prop and Henderson can protect income stream despite lower interest rates favouring the tech sector. ICBC...

Osbert Tang, CFA

Hong Kong’s IPO Boom Breathes Life Into Office Sector, but Rents Still Under Pressure

Hong Kong’s booming IPO market is fueling a partial rebound in the city’s beleaguered office sector, with Central’s premium business district...

Caixin Global

Hong Kong new home sales and secondary transactions saw strong growth in March 2026, with secondary prices also rising significantly. Inventory...

High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...

High-yield stocks like CNOOC, Hang Lung Prop and Henderson can protect income stream despite lower interest rates favouring the tech sector. ICBC...