According to a research report released by JP Morgan, the latest Policy Address offered little surprise for the property market. Although numerous suggestions were proposed, both stamp duty exemptions and "home purchase schemes" failed to materialize, though this is unlikely to create downside impact, as media reports indicated these two measures would not be implemented. The only mildly positive easing measure was the relaxation of the new "Capital Investment Scheme" (residential units valued over HK$30 million now qualify as eligible investments), which aligned with expectations.

Following the Policy Address, Hong Kong property stock prices showed a muted response, with the related sector underperforming the Hang Seng Index by 2% on September 17th.

Despite the Policy Address not introducing strong easing policies, JP Morgan believes the real estate market could still stabilize in the second half of 2025, with property prices expected to rise 3-5% in 2026.

Among developers, JP Morgan's top picks are HENDERSON LAND (00012) and SINO LAND (00083). For landlords, the firm is most optimistic about SWIREPROPERTIES (01972) and HANG LUNG PPT (00101), followed by WHARF REIC (01997) and LINK REIT (00823).