Jefferies Financial released a research report on July 29th, suggesting that considering the future capital expenditure, interest capitalization and fixed debt refinancing of Hong Kong developers, not all real estate developers have reached the peak of interest expenses, and investors should choose stocks carefully. In the industry, the bank's first choice is SHK PPT, believing that it has a relatively elastic profit situation and good asset liability management compared to its peers. The bank pointed out that low interest rates are a positive catalyst for the industry. However, the bank believes that market recovery takes time, and the improvement of corporate fundamentals may be unbalanced. Companies with large completion scale, high fixed interest rates, or continuous increase in capital expenditures may find it difficult to see significant interest savings on the income statement. Companies involved in the above situation include Henderson Land, Hang Lung PPT, and Hysan Dev. Regarding the property price, the bank continues to anticipate a mid-single-digit decline this year and expects a mid-single-digit recovery under the support of interest rate cuts next year. Unless the labor market deteriorates significantly, Hong Kong is still a relatively stable housing market under the basic forecast.