Domestic housing stocks fell collectively. As of press release, Midea Real Estate (03990) fell 60.82% to HK$2.88; Metro Development (01030) fell 6.29% to HK$1.49; and Shimao Group (00813) fell 6.15% to HK$0.61.
The Zhitong Finance App learned that domestic real estate stocks fell collectively. As of press release, Midea Real Estate (03990) fell 60.82% to HK$2.88; Xincheng Development (01030) fell 6.29% to HK$1.49; Shimao Group (00813) fell 6.15% to HK$0.61; Ocean Group (03377) fell 4.78% to HK$0.219; Yuexiu Real Estate (00123) fell 4.39% to HK$3.92.
Open Source Securities pointed out that the overall recovery of the real estate market in the first half of 2024 fell short of expectations, and the decline in sales repayments also suppressed the motivation of housing enterprises to acquire land. The land sales data of leading housing enterprises all declined significantly over the same period last year. Under pressure from declining gross carry-over margins and increased sales expenses, the profitability of housing enterprises declined, and performance declined under pressure. However, at the same time, the debt structure of high-quality housing enterprises was optimized and financing costs were reduced during the industry clearance process, so it is optimistic that future market share will increase. The real estate easing policy continued in the first half of the year, and it is expected that the decline in real estate sales data will continue to narrow in the second half of the year under a low base.
Guojin Securities, on the other hand, said that after entering the traditional marketing node in September, housing companies' sales volume and market popularity are expected to improve month-on-month, but in September of last year, due to the implementation of a series of policies such as “housing approval without loan” in various regions, or there may be a certain high base effect, the year-on-year sales performance may still be under pressure. Therefore, the current market still needs policy support, and policy expectations have been strengthened recently. It is recommended to focus on policy progress and industry restoration, including but not limited to accelerated implementation of collection and storage, reduction of stocks and additional mortgage interest rates, clarification of housing pensions, and relaxation of first-line policies.