文档介绍：AB GlobalResearch 19February2019EquitiesHongKongandChinaPropertyRealEstateHongKongThefutureoftheGreaterBayAreaGBA=Software+hardwareintegrationWebelievetheaimoftheGreaterBayArea(GBA)developmentistoenhanceintegrationamongcitiesintermsofpeople,capital,logisticflowthroughbetterhardware(infrastructure)andsoftware(eg,socialwelfare,taxation,mutualrecognitionofqualifications).Weexpectthistolowertransactioncostandhenceincreasetheregion'scompetitiveness—’ess,;,webelieveTimesChina()andLogan()willbenefitthemostfromtheGBAdevelopment,giventheirhighlandbankexposure(59%and53%,respectively).:‘onecountry,twosystems’makesHKuniqueDuetodifferentsystemsinHongKong,MacauandmainlandChina,weexpectbottlenecksintermsofintegration(ie,peopleandcapitalflow).UnderOneCountry,TwoSystems,HongKong'slow-mon-lawjudicialsystemandfreecapitalfloatwillremaininplaceuntil2047,,:weprefersatellitecitiesovercorecitiesInthelongrun,onpropertymarketsintheGBA(excludingHongKongandMacau),wewouldprefersatellitecities(eg,HuizhouandZhongshan)overcorecities(eg,ShenzhenandGuangzhou),duetopopulationandeconomicactivitiespotentiallyspillingovertosatellitecities,:welikeLoganandTimesChinaInChinaproperty,TimesChina(;Buyandtoppick),Logan(;Buyandtoppick),andKWG(;Sell)havethehighestexposuretotheGBA,rangingfro