UBS Group released a research report indicating that most Hong Kong property stocks have a dividend yield of 7% to 10% in the latest round of distribution, which is higher than the 6% of Singapore real estate investment trusts and reflects the potential buying opportunities. The bank believes that due to strong rental growth in residential properties, it indicates a healthy supply and demand, and real estate developers may only face a cyclical downturn. Once the United States cut interest rates, the property market sales and prices are expected to stabilize. Henderson Land and Kerry PPT are the bank's top picks in the industry, and it is also bullish on Swire Pacific A. The bank pointed out that Henderson Land has a clear deleveraging roadmap and is expected to benefit from the public housing market and accelerating agricultural land sales; Kerry PPT is expected to benefit from sales of super high-end homes in Hong Kong.

UBS Group upgraded its rating on Kerry PPT from "neutral" to "buy" and increased its target price from HKD 13.5 to HKD 17.8; downgraded Wharf Holdings' rating from "neutral" to "sell", believing that the valuation is expensive, and reduced the target price from HKD 20 to HKD 16.3; downgraded Hysan Dev's rating from "buy" to "neutral", due to the high risk of dividend reset after 2024, and reduced the target price from HKD 23.8 to HKD 11.2. The bank maintains a "neutral" rating for CK Asset and Wharf REIC, with target prices reduced from the original HKD 40 and HKD 29.6 to HKD 31 and HKD 20, respectively.