Goldman Sachs has released a research report revising its forecast for Hong Kong's property price growth this year upward from 5% to 12%. The bank anticipates that new visa and immigration policies introduced by the government will stimulate demand. Furthermore, strong rental growth, with a cumulative increase of approximately 20% projected between 2023 and 2025, coupled with declining mortgage interest rates, may encourage more individuals to transition from renting to buying. Since the removal of property cooling measures at the beginning of the 2024 financial year, transaction costs have significantly decreased, which is also expected to stimulate investment demand. The bank forecasts that future government policies will continue to support population growth, income growth, and housing affordability. Benefiting from active capital markets, Goldman Sachs expects prime Central office rents to rise by 3% year-on-year, while rents in other areas are projected to remain largely flat. However, the bank maintains a more cautious outlook for the retail market, anticipating only modest rental growth of 2% due to ongoing competition from outbound travel by residents and e-commerce. Regarding specific stocks, the bank upgraded its ratings for Henderson Land (00012) and Sino Land (00083) directly from "Sell" to "Buy," believing these companies are better positioned to benefit from the upturn in Hong Kong's residential market. Their target prices were significantly raised to HK$39 and HK$14.6, respectively. Concurrently, the bank reiterated its "Buy" rating on Sun Hung Kai Properties (00016), raising its target price substantially to HK$159. These three companies collectively hold approximately 36% of the market's unit inventory and have various new projects underway. In contrast, the bank downgraded CK Asset Holdings (01113) from "Buy" to "Neutral," citing its smaller exposure to the Hong Kong property market, while raising its target price to HK$53. Separately, the bank downgraded Wharf REIC (01997) directly from "Buy" to "Sell" and also downgraded Link REIT (00823) from "Buy" to "Neutral," noting their significant exposure to the retail sector and each facing specific company-level issues or other structural challenges. Their target prices were reduced to HK$28 and HK$41.3, respectively. Finally, the bank downgraded MTR Corporation (00066) from "Neutral" to "Sell," while increasing its target price to HK$36.1.