The Zhitong Finance App learned that Goldman Sachs released a report saying that the volume of housing transactions in Hong Kong hit a new high in six years during the Easter holidays. The bank said that at present, Hong Kong is experiencing slow economic growth, and at the same time it is a period of long-term low interest rates. Housing supply is still tight in the medium term. The bank believes that the increase in transaction volume is in line with the bank's expectations of a steady decline in property prices in a low interest rate environment.

The bank said that second-hand residential property prices in Hong Kong have fallen 8% since mid-2019. It believes that property prices will still fall 7%, that is, 15% from the middle of last year. The bank also believes that in terms of investment, housing and livelihood consumption will be more stable than office buildings and core retail, and will be supported by more local demand; on the contrary, the latter will depend on international and mainland demand.

The bank recommended Changshi Group (01113), believing that the group has a good deployment in the current economic environment, with a target price of HK$71. In addition, I also recommend Lingzhan (00823). Although there is currently a lack of sales, rising momentum in rent renewals, and new public health incidents still bring uncertainty, I believe that Lingzhan is in the consumer category of people's livelihood and will support its performance to outperform its peers, with a target price of HK$97.