《大行報告》美銀證券:本港地產股陰霾可能持續
美銀證券發表研究報告指,對於有關中央政府要求香港大型發展商致力解決本港房屋供應短缺問題的報道,認爲中央曾公開要求香港解決住屋問題,因此消息未令人感到驚訝,但對於香港發展商的商業模式或盈利能力會否受到重大影響存有不確定性,預期本港地產股陰霾可能持續。
報告預期,長江實業(01113.HK)大中華區以外業務佔比較大,預料更能應對此類風險,而信置(00083.HK)及恆地(00012.HK)於大衆住宅市場投資較多。該行認爲,本港地產股表現已部分反映相關負面因素,住宅及寫字樓市場轉趨穩定,惟市場仍擔憂零售租賃市場在租金增長方面或受到阻礙。
該行指,香港發展商最近加大力度增加土地供應,例如加入土地共享先導計劃及捐出閒置農地。投資者擔心內地部分樓市調控政策或引入香港,假如實施將嚴重損害香港開發商的盈利能力,但亦有消息指出,中央政府目前對香港只制定了預期,但沒有訂下任何策略及期限。
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