CLSA says that some would write off the latest hike of stamp duty on Hong Kong property transactions as a low-impact measure. “We disagree.” The house says its concern is with the government’s clear readiness to act again. “We believe residential prices cannot rise more than 3% in any three months without triggering more tightening.” This means developers’ NAV cannot rise much without triggering policy risk and hence CLSA keeps its Underweight call; it adds, property agents like Midland (Hong Kong stock code 1200) will be affected badly and investors should stay away, while it prefers Hong Kong landlords and in particular Hongkong Land (H78.SG). Midland tumbles 6.3% to HK$3.41 while Midland IC&I (0459), which focuses on commercial property transactions, slumps 27.1% to 6.2 HK cents.