JPMorgan published a research report stating that the new Policy Address will be released on September 17th, with market expectations for potential relaxation of the new capital investment immigration scheme, residential property stamp duty, and the establishment of a property purchase funding scheme. JPMorgan questions whether the authorities will introduce all measures at once, noting that the property market has already shown signs of stabilization. If the final policy measures are weaker than expected, property stocks may experience short-term profit-taking after the Policy Address announcement.

The bank also noted that the Federal Reserve will announce its interest rate decision the day after the Policy Address. Based on historical records, if rate cuts meet expectations, Hong Kong property stocks generally underperform the broader market. However, JPMorgan maintains a positive outlook on the local property sector's prospects for the coming year and suggests buying on dips. Among developers, the bank favors HENDERSON LAND (00012) and SINO LAND (00083). For rental stocks, it recommends CMON (01792) and LINK REIT (00823) for investors with lower risk appetite, while believing that HANG LUNG PPT (00101) and WHARF REIC (01997) have greater upside potential.