On January 3, Gelong Exchange, Bank of America Securities issued a research report, saying that under the pressure of the potential economic recession in the United States, the Hong Kong real estate market is not expected to improve significantly in the first half of this year. It is believed that the recovery will not be seen until the fourth quarter. Property prices are expected to fall by 4% to 8% this year, that is, from 2022 to 2023, by 19% to 23%. The bank pointed out that the United States is expected to raise interest rates by another 75 basis points in the first quarter of this year, and it is not possible to cut interest rates until the fourth quarter, so it is expected that mortgage rates in Hong Kong will continue to rise and remain high for some time, although the re-opening up of the mainland is a positive factor, but it is not a "panacea". In terms of commercial property, the bank expects office rents in core and non-core areas to fall by 5% to 10% in 2023. BofA raised its target price for Hong Kong real estate rental shares by an average of 16 per cent, preferring Hang Lung Properties, 0014.HK and 0823.HK, taking into account valuations and leverage, maintaining a "outperform" rating on 0012.HK and downgrading 0019.HK to "neutral".