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1、 January 22, 2013 HK Property Asia Insight: Prefer Office Exposure Whats Changed Industry View: Hong Kong Property Investors In-Line to Attractive We favor investors for 2013 as concerns of continued policy action, slow sell-through and increased competition will keep the lid on NAV accretion for de2、velopers. We now prefer office rental exposure most and expect rents to rise by 10% in 2013. Why Office? While we think liquidity should help the property sector in general, office rental and related stock prices could outperform most. Office rental could rise by another 10% in 2013, driven by impro3、ving capital markets, forecast rebound in HK GDP estimates (1.2% in 2012 to 3.8% in 2013), low supply, and resilient unemployment level. We think retail rental should also increase despite slower retail sales in 2H12, driven by low supply and addition of newer brands. Whats Changed? We expect office rental/retail rental and residential prices to rise by +10%/+5%/+5%, respectively. The cap rate has