SHK PPT (00016) surged nearly 4% before noon, reaching HK$101.9 with a turnover of HK$403 million. Data from Midland Realty Research shows that Hong Kong recorded 66 luxury primary residential transactions above HK$50 million in October, doubling from September's 33 deals and marking a three-month consecutive rise to a one-year high.

Market analysts attribute the sustained rise in Hong Kong property prices in September to improved sentiment in August and early September, supported by the stock market's performance and expectations of a Fed rate cut, driving both transaction volume and prices higher.

CLSA noted that the launch price of SHK PPT's "The Cullinan II" was 29% higher than its first phase. The bank highlighted that Hong Kong property prices have rebounded 4% from their lows, benefiting from potential U.S. rate cuts, strong rental demand, and reduced sales pressure. CLSA forecasts a 5% rise in Hong Kong property prices by 2026, with leading developers like SHK PPT poised to gain.

Given the property market recovery, CLSA raised SHK PPT's target price from HK$63.6 to HK$110 and upgraded its rating from "Underperform" to "Outperform."