瑞银研究报告指，英皇国际(00163.HK) 年度业绩披露，集团有约166亿元的银行借贷已逾期或违反若干条款。该行认为对住宅市场的影响有限，因集团首季仅有约200伙可销售单位，相较于2024全年新楼成交1.7万伙数量较少。另一方面，集团在香港持有约90万平方呎的投资物业项目，约70%是与商业区零售及停车场相关。因此，该行认为其覆盖的地产商并不会面临资本化率扩张的风险，因其主要持有的都是高端商场。
该行认为，英皇国际的情况，反映中小型地产商持续面对再融资压力。虽然近期HIBOR下跌或有助纾缓部分资金压力，但该行料这些持有约9,100伙可出售单位的中小型地产商，将会继续以较进取的定价以推动销售。因此，尽管HIBOR急跌，该行料全年本港住宅楼价将持平。当去库存完成后，该行料2026年住宅楼价将有0至5%复苏。(ss/u)(港股报价延迟最少十五分钟。)
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