28 July 2025 | 8:59PM HKT Hong Kong Conglomerates & Property 1H25 preview. Macro bottoming out. Earnings stabilization. Upgrade Jardine to Buy In our sector report in late Feb (Feb 24), we argued that HK's macro environment could bottom out within this year not only in the residential market with a pickup in transaction volume but also in the retail industry where we had anticipated the sales trend to turn positive as traveler diversion to Shenzhen and other countries started to normalize. Indeed, housing p ...