Michael Smith 1.3 1 idea

Hong Kong Land CEO states vacancy in their Central portfolio has dropped to 6% (market rents are inclining). He explicitly mentions a "capital markets led" recovery with demand from hedge funds and family offices. The narrative on Hong Kong commercial real estate has been overwhelmingly bearish. If the premier landlord in the Central district is seeing positive reversions and falling vacancy, the stock is likely mispriced against peak pessimism. Long the ADR for Hong Kong Land as a contrarian play on HK financial activity recovery. Broader geopolitical tensions involving China/HK; global financial slowdown reducing office demand.