CITIC Securities highlights that Hong Kong's real estate market has been enduring a persistent shortage of supply, with historical bull-bear cycles predominantly shaped by demand-side dynamics. These cycles are characterized by prolonged uptrends and relatively brief downturns. Presently, fueled by various factors including industry growth, population expansion, and interest rate fluctuations, a fresh cycle in the real estate market has commenced. This new cycle is anticipated to extend from the residential sector to commercial real estate, showcasing a consistent upward trajectory. Consequently, all real estate enterprises in Hong Kong are poised to benefit broadly from this industry-wide upswing.