CLSA released a research report stating that during the May Day Golden Week, the number of visitors to Hong Kong surpassed government expectations. Average daily visitor numbers largely returned to pre-pandemic holiday levels, while tourist spending in local shopping malls also recorded strong growth. In the first quarter of this year, luxury retail sales performed robustly, significantly outperforming the overall retail sector. The firm believes that the gradual recovery in visitor numbers to Hong Kong, coupled with benefits from the weak Hong Kong dollar, should continue to support the recovery of local luxury retail sales this year. The report indicated that Hong Kong's retail sales in March increased by 12.8% year-on-year to HKD 33.9 billion, with luxury retail sales growing 27.2% annually. Mainland Chinese visitors to Hong Kong reached 1.01 million, a 10% year-on-year increase, exceeding the government's forecast of 980,000. CLSA expects that Hong Kong's consumer base will continue to expand. At the same time, the depreciation of the Hong Kong dollar against the renminbi and the euro, along with China's travel restrictions on Japan, should help retain more luxury spending within Hong Kong. The firm is optimistic about WHARF REIC due to its high exposure to luxury sales, and favors LINK REIT for its potential unit buybacks and the inclusion of REITs in the Stock Connect program as key catalysts.