Hong Kong 香港
硬通货压舱石 — 零预扣、深流动性、中段收益率
香港是组合的发达市场压舱石：港元挂钩美元、REIT 分派零预扣、无资本利得税，证监会规则强制分派税后净收入的 ≥90%。它不提供收益率领导地位（住宅毛约 3.5%、REIT 约 5.5–6.6%），也不给上市持有人任何身份价值——它的角色是低摩擦、高流动、制度干净的现金流袖仓，拉美的高息名字必须对着它证明自己的汇率与税务拖累值不值。2024 年辣招全撤后，外国买家与本地人同税——香港住宅的问题只剩算术。
Four grades
Identity & tax (in one line)
Identity & tax: buying property or REIT units confers no status; investment immigration is the New CIES (relaunched 2024): net assets and investment of at least HK$30M each, with real estate counted only up to caps (HK$15M total, HK$10M residential, and a residential property counts only if a single transaction is at least HK$30M), leading to permanent residence after 7 years — queued for scoring in the identity hub. Tax: zero withholding on REIT distributions and no capital-gains tax; property tax of 15% on rental income; AVD unified for all buyers (HK$100 up to HK$4M, topping at 4.25%, and 6.5% for residential above HK$100M from 26 Feb 2026).
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Key metrics
Why this country
The hard-currency ballast's credentials: a USD-pegged dollar, zero withholding on REIT distributions, no capital-gains tax, and an SFC rule mandating distribution of at least 90% — the cleanest distribution-tax jurisdiction on this site, where the only friction left is the bid-ask spread itself.
Readings from a market in repair: GDP +3.5% in 2025, home prices posting their first rise in three years (+3.25%), and the rental index at a record (200.7) — prices and rents rising together is exactly the combination that caps Hong Kong yields mid-pack (REITs at 5.5–6.6%, residential gross about 3.5%).
The comparison anchor for Latin America's high yields: this page's portfolio purpose is to make Mexico's 7% and Brazil's 13% answer against it — for each extra point of yield, what currency and tax price are you paying?
Entry routes
Listed route (this site's main line): buy Link REIT (entry No. 77) and Champion REIT (No. 78) through any HKEX broker — 100-unit board lots, zero foreign restriction, distributions received in full.
Direct route (explainer grade): since the February 2024 removal of all cooling measures, foreigners pay the same AVD as locals and the door is open — but the full-cost net is about 1.8–2.4% and mortgage rates already exceed gross yields (entry No. 79); printed as a costing only.
Risks
- REIT distribution trends diverge: Link's 1H FY26 DPU fell 5.9% and Champion has fallen two straight years — Hong Kong retail and Grade-A office rental reversions are still negative, so check the DPU's direction before the yield.
- The price repair is not locked in: home prices remain about 25% below the 2021 peak, and 2025's +3.25% is the repair's first year — anyone treating it as a trend should hold that it is only the first year.
- Uncovered names (stated): Prosperity REIT (0808) and Sunlight REIT (0435) yielded no filing-grade DPU capture this pass, so this site prints no figures for them — the full list of Hong Kong REITs is not the same as this site's citable list.
Ranked opportunities in this country
| Overall rank | Opportunity | Net return (primary metric) | Our take |
|---|---|---|---|
| 77 | Link REIT: Asia's largest REIT at 6.2–6.6% — read the DPU downturn first, the zero withholding second | 6.2–6.65% | Do, with conditions |
| 78 | Champion REIT: a prime-address 5.2–5.5% that fell out of two straight years of DPU decline | 5.2–5.5% | Do, with conditions |
| 79 | Hong Kong residential buy-to-let, costed: the duties are gone and rents are at records — and mortgage rates still exceed the gross yield | 1.8–2.4% | |
| 97 | Hong Kong's mid-cap REIT basket: about 8.3% equal-weight and zero withholding — a yield the price fell into, not the payout rose into | 7.8–8.5% | Do, with conditions |