We have seen a recovery in transactions for the residential market since Mar 22 after social distancing restrictions were loosened. We expect HK’s home mortgage rate to stay below 3% for the rest of 2022 (1.6% currently for HIBOR-based rate), despite the spike in US interest rate. Despite moderately higher mortgage rates ahead, we believe that home prices should remain stable on huge demand from local and mainland China. We are constructive on the residential market and SHKP and HLD are our preferred developers. Among retail landlords, we like Link REIT.