摩根大通发表研报指，近期市场出现忧虑，通胀或地缘政治引发加息可能令香港地产板块估值下调。该行基本假设未来四季利率维持不变，而且置业人士目前仍享有轻微正利差，预期板块可承受利率不变的环境。另外，该行认为，虽然加息预期可能引发短暂获利回吐，但历史数据显示加息并不一定导致股价或楼价下跌。在过度忧虑加息之前，市场可能忽略了近期港元同业拆息(HIBOR)持续回落的趋势，这至少在短期内对借贷成本及按揭利率属正面因素。撇除利率因素，板块其他基本面依然稳固，该行维持正面看法；发展商中首选新鸿基地产及信和置业，收租股中首选太古地产、香港置地及恒隆地产。
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