This report does not constitute a rating action. Overview Key strengths Key risks Strong position in residential property sales in Hong Kong and consistent strength in commercial property Limited geographic diversity, with about 70% of profits from Hong Kong Robust recurring income and cash flow from a sizable and diversified leasing portfolio Consistently strong liquidity and good rental income to support interest coverage Property sales will remain solid over the next two years . A recovering Hong Kong residential property market and strong recognition of the Sun Hung Kai Properties Ltd. (SHKP) brand support our view. We believe a robust pipeline of mass-market projects in Hong Kong, including YOHO Seasons in Yuen Long and Phase 2C of Sierra Sea, will
