According to a report released by Nomura, although the low interest rate policy will continue until mid-2015, and the continuous inflow of hot money boosts market confidence, the bank downgraded the prospects of the Hong Kong property market next year and downgraded the ratings of 5 Hong Kong real estate agents to “neutral”, including Xindi (00016-HK), Kerry (00683-HK), Land Land, Guanjun Industrial (02778-HK), and Fuhong (00808-HK). The target price of SHKP is 127 yuan, Kerry sees 44.2 yuan, Guanjun and Wealth Real Estate (00808-HK) Then look at 3.92 yuan and 2.56 yuan respectively. Nomura said that he is only optimistic about large developers with large discounts, and real estate stocks with strong growth outside Hong Kong, and raised the ratings of Hang Lung (00101-HK) and Jiucang (00004-HK) to “buy”, with target prices of 32.3 yuan and 61.2 yuan respectively; in addition, he is optimistic about Hengdi (00012-HK), Changshi (00001-HK) and Yingjun (00041-HK), all for “buy”, with target prices of 69.5 yuan, 146.8 yuan, and 31.2 yuan. Nomura pointed out that although the Buyer Stamp Duty (BSD) has once again brought policy risks to the surface, the bank's prudent view does not stem from this. However, in the real economy, it is expected that affordability and housing price growth will be the main theme of the Hong Kong property market next year. It is expected that over the next two years, housing prices and rents in Hong Kong will stop growing by the number of units per year. As housing price growth slows down and marginal pricing becomes more vague, affordability issues will reappear. Conversely, if growth accelerates, interest rates will rise sooner than expected.