HENDERSON LAND (00012) saw its shares rise more than 3%. At the time of writing, the stock was up 3.18%, trading at HK$33.74 with a turnover of HK$369 million. The movement follows a research report from Goldman Sachs, which raised its forecast for Hong Kong property price growth this year from 5% to 12%. The bank anticipates that government-introduced visa and immigration policies will stimulate demand. Furthermore, robust rental growth, with an accumulated increase of around 20% between 2023 and 2025, coupled with declining mortgage rates, may encourage more people to transition from renting to buying. Since the removal of property cooling measures at the start of the 2024 fiscal year, transaction costs have significantly decreased, which could also spur investment demand. Goldman Sachs expects future government policies to continue supporting population and income growth, as well as housing affordability. Regarding the stock, the bank upgraded its rating on HENDERSON LAND from "Sell" directly to "Buy", citing the company's position to benefit more from the upward cycle in the Hong Kong residential market. The target price was substantially raised to HK$39.