Equity Research

China: C-REITs (No. 3): From debut to acceleration

Taking off alongside policy tailwinds, an Rmb200bn+ market cap in 4 years. Since 2H24, the C-REITs market has embarked on a fast growth trajectory, supported by policy tailwinds (e.g. streamlining filing and listing processes, loosening limits on underlying asset categories and pre-listing financial prerequisites, etc.) and a conducive low-rate macro environment. As of Jun-25, four years after the market first appeared, a total of 68 C-REITs had been listed with the aggregate market cap expanding five folds to over Rmb200bn, equivalent to 0.15%/0.24% of China GDP/total stock market and 6%/1% of developers' funding gap/debt balance for 2025E. Besides, 5 C-REITs had completed follow-on offerings since Jun-23, which on average accounted for c.36% of their total capital raised.

21 Jul 2025 | 34pg | Research | Equity - Yi Wang, CFA and others

Hong Kong Real Estate: Cycle inflecting but slowly; NWD to Neutral; Sino down to Sell

The HK property market is showing early signs of stabilisation, now in its seventh year of decline. Rising residential property rents, falling interest rates, select high value rental transactions and a rebound in capital market activities provide us confidence around stability. We continue to expect residential to lead (vs CRE) with sustained price increases starting 2026.

21 Jul 2025 | 25pg | Research | Equity - Gurpreet Singh Sahi, CFA and others