$HSCHKD First, the conclusion:

HSCHKD (Hang Seng Composite Index) includes far more property companies than HK50 (Hong Kong 50 Index).

1. HK50 (Hong Kong 50): Very few property companies

- Positioning: Hong Kong's large-cap blue chips, mainly in finance, technology, and utilities
- Number of property companies: about 3–4 (as of February 2026)
- Examples: Sun Hung Kai, Cheung Kong, Hang Lung Properties, Link REIT
- Characteristics: Almost no mainland private property companies (no Vanke, Country Garden, Sunac, etc.)

2. HSCHKD (Hang Seng Composite Index): Many property companies

- Positioning: Covers the vast majority of tradable stocks on the Hong Kong stock market, with over 500 constituents
- Number of property companies: over 50 (including local Hong Kong and mainland property companies)
- Examples:
- Hong Kong local: Sun Hung Kai, Cheung Kong, Hysan, SHK Properties, Swire Properties, etc.
- Mainland property companies: Vanke, Country Garden, Sunac, Longfor, China Resources Land, China Overseas, Poly Developments, Yuexiu, Shimao, R&F Properties, Aoyuan, etc.
- Characteristics: Almost all mainstream Chinese property companies are included, making it a comprehensive shorting target

3. Shorting perspective comparison (what you care about most)

- Want to short stable local Hong Kong property companies → choose HK50
- Want to short high-risk mainland property companies (Evergrande, Country Garden, Vanke, Sunac, etc.) → must choose HSCHKD
- Want to short the entire real estate chain → HSCHKD is the only option

4. Simple conclusion

HSCHKD includes more than 10 times the number of property companies as HK50, and covers all high-risk mainland shorting targets.