Mo: Surprised but not worried about the Hong Kong government raising the stamp duty on luxury homes, optimistic about New World, Henderson Land, and Sino Land.

JPMorgan Chase has released a research report stating that they are surprised by the increase in stamp duty rates for properties worth over 100 million Hong Kong dollars in the Hong Kong government's 2026/27 fiscal budget. Although the headline may seem negative, the bank is not too concerned because this will only affect 0.3% of transactions, with only 169 transactions worth over 100 million Hong Kong dollars in 2025; From the perspective of super-rich property buyers, the additional cost may be negligible, as it can be covered by the increase in property prices in just one or two months; The goal of this policy is not to suppress the real estate market, but rather to redistribute wealth through taxing the super-rich to subsidize low-income groups. The bank points out that this may even trigger a stronger "fear of missing out" sentiment, especially among buyers of properties worth between 50 million and 99 million Hong Kong dollars, who may worry about having to pay higher stamp duties in the future. After the news was announced, the sector fell by 1% to 2%, with the bank believing this is more of an excuse for profit-taking after strong performance since the beginning of the year. The bank also mentioned that the most promising developers currently include Sun Hung Kai Properties, Henderson Land Development, and Sino Land; And the most promising rental stocks include Hang Lung Properties and Swire Properties.