According to the Bank of America Securities Research Report, investors are overly concerned that Hong Kong's policy changes are not good for the property market. If the “Policy Address” does not include a significant increase in the supply of private housing or excessive measures to cool the property market, it is believed that the industry will pick up. Among them, Sun Hung Kai Properties (0016.HK) and New World Development (0017.HK) will benefit the most. However, the bank expects a moderate decline in residential property prices in 2022, affecting new property sales figures and the potential for stock prices to rise. As a result, the target price of real estate agents was reduced by 9-17% to reflect larger net asset value discounts. Overall, the average discount rate of Hong Kong developers is currently about 61%, or 1.5 standard deviations lower than the historical average since 2018. As for rent-taking stocks, I am optimistic about the Leading Real Estate Fund (0823.HK) and believe that it can benefit from a revival in the retail market, growth in distributable revenue, and valuation attraction.Bank of America Securities's latest investment ratings and target prices for Hong Kong real estate stocks are shown in the table below: