J P M O R G A N Asia Pacific Equity Research 28 July 2025 Hong Kong Property Takeaways from expert meeting with JLL HK chairman We hosted an expert meeting with Mr. Joseph Tsang, Jones Lang LaSalle's (JLL) Hong Kong chairman (仲量聯行香港主席曾煥平先生) on the broker's 2H25 outlook for the HK property sector. On residential property, JLL is more cautious than we are, expecting HK home prices to drop ~5% in 2025 (JPM forecast: down <3%), but likely stabilize (up or down 1-2%) in 2026 (JPM forecast: up 3-5% if four condit ...