CICC Research released a report stating that Hong Kong property prices are expected to fall by another 5%, hitting bottom in the second half of next year. At that time, mortgage rates are expected to drop significantly to levels close to net rental yield. In addition, CICC Research expects next year to be a stable year for the property markets in mainland China and Hong Kong, believing that the key factors driving the market turnaround will be clearing building inventory in the first half of the year and US interest rate cuts. Prices in both regions are expected to continue falling in the first half of next year, but stabilize in the second half. Due to the direction of China's stimulus policies, which have higher certainty compared to the uncertainty of US interest rates, CICC Research is bullish on the mainland property market, but cautious on the Hong Kong property market. State-owned enterprises in the property sector have been increasing market share during the downturn, and this trend is expected to continue next year. CICC Research continues to list China Resources Land as the top pick, based on undervaluation and solid fundamentals; they give Sun Hung Kai Properties a "underperform" rating, based on uncertain interest rate prospects and overvaluation. The bank also lowered the target price for Sun Hung Kai Properties and China Vanke's A and H shares, with a 9.8% decrease in the target price for Sun Hung Kai Properties. According to CICC Research's estimates, property sales and sales volume in mainland China are expected to decrease by 6.9% and 2% respectively next year; property prices are expected to drop by 5%. However, they predict that the Ministry of Finance will announce details of accelerated land and property purchase policies around late December this year, which will be a key factor in stabilizing the market, assuming an investment of 2 trillion yuan to reduce inventory to healthy levels.