According to a research report from JPMorgan, the earnings season for Hong Kong property stocks is set to commence in late January. While the bank anticipates that earnings for most companies will continue their downward trend, and the improvement in the Hong Kong residential market will have a limited impact on the fiscal year 2025 financial statements, it believes the upcoming results could mark the bottom for most companies, with a high probability of an earnings rebound in the next fiscal year. In terms of top picks, among REITs (mall/office categories), the bank prefers HANG LUNG PPT (00101) and SWIREPROPERTIES (01972). Among developers, it favors SINO LAND (00083). The report also expresses a positive outlook for Hongkong Land, but advises waiting for a better entry point.