A "large pool of undervalued assets" in Hong Kong's property market may spur more bargain hunting among majority shareholders as valuations hit a 30-year low, according to JPMorgan Chase.

The SAR's cash-rich property tycoons may take advantage of the cheap valuations to buy assets, conduct buybacks or take out minority shareholders at a time when developers and landlords are on average valued at a 63 percent net asset value discount to the aggregate market capitalization, wrote its analysts, including Cusson Leung, in a note.

"We believe the uniqueness of the Hong Kong property and conglomerates sector is that their majority shareholders will not be shy to grab opportunities from the market downturn," the analysts wrote.

The property sector is trading at a combined market cap of HK$1.1 trillion, while their aggregated net asset value amounted to HK$3 trillion, the investment bank said. That represents a large pool of undervalued assets that majority shareholders can choose from, it added.

Some families may be more active than others in taking advantage of the valuation dislocation, such as Li Ka-shing-backed CK Asset Holdings (1113). Others include Wharf Real Estate Investment (1997), Kerry Properties (0683), Swire Pacific, Swire Properties (1972) and Henderson Land Development (0012).