As global investors look for ways to profit from China's reopening from pandemic controls, the beaten-down shares of Hong Kong's property firms and real estate funds have become popular vehicles for riding an expected economic recovery.
Fund managers are particularly keen on Hong Kong real estate investment trusts , because their stock prices are now cheaper than the value of the properties they own or partly own. REITs also tend to be heavy borrowers, so they are set to benefit when interest rates fall.
Rises in Hong Kong mortgage rates that began last year have compounded troubles for developers and mortgagees. Hong Kong interest rates tailgate those of the U.S. due to the local currency's peg to the dollar.Fund managers said the property sector had become a bargain since borders reopened in January and as the widely expected end of Federal Reserve's monetary tightening approached.
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