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[Brokerage Focus] Citic Sec: Mainland real estate sales increase significantly, but most places still need further policy support.
CITIC Securities stated that real estate sales in mainland China have surged recently. According to statistics from Ke Holdings' mobile app, there were 84,000 second-hand housing transactions in 77 sample cities tracked by the bank in June, which was the same as in May. The month of June saw week-on-week declines of 8.4%, 7.7%, 2.7%, and 3.6%, respectively. As for online signing data, based on Wind data, 14 sample cities saw a YoY increase of 6.4% in online signing of second-hand houses in June, marking the first YoY growth since February. However, there was a slight MoM decrease of 5.6%. Among them, Peking, Shenzhen, and Hangzhou saw YoY increases of 23.0%, 65.5%, and 117% in online signing of second-hand houses in June, respectively.
[Brokerage Focus] CITIC Securities: Mainland real estate market wants to enter a virtuous cycle and cannot leave the push of fiscal and tax policies.
CITIC Securities believes that in order for the real estate market in mainland China to enter a positive cycle, it cannot do without the active implementation of fiscal and tax policies. There is a lot of room to reduce the burden of corporate income tax and land value-added tax for companies that are highly related to the profitability of their projects. In addition, some regions also have the ability to take the lead in breaking the negative cycle of declining asset prices and restoring government fund income. Currently, there are signs of stabilization in the second-hand housing prices in Shanghai, but the overall market recovery still faces many challenges. The bank is bullish on leading developers and operation service companies with high safety margins and recommends China Res Land (01109), Midea Real Estate (03990), and China Res MixC (01209).
Hong Kong stock concept tracking | Multiple bullish news in the real estate industry, the industry cycle turning point is expected to significantly strengthen the confidence (attached with related concept stocks).
Zhifubao Finance learnt that on June 25th, the real estate industry ushered in multiple catalysts. China Overseas Securities stated that the current real estate policy is being enforced with a strength exceeding the intensity of previous cycles. The overall demand is correspondingly stabilizing in phases, and the market's confidence that the turning point of the real estate cycle will arrive is significantly increasing. Currently, the market is in a stage of playing games with continued policy enforcement, while waiting for basic fundamentals to stabilize in certain local regions. During this stage, medium to short-term trading opportunities may occur frequently, and investors should act opportunistically. Related concept stocks: Greentown China (03900), China Resources Land (01109), Yuexiu Property (00123), China Resources Mixc (0)
[Brokerage Focus] Citic Sec believes that the structural recovery of the real estate market will unfold along the path of first-tier cities followed by second-tier cities.
Jingu Finance News | Citic Securities said that the Shanghai property market has stabilized across the country. The bank believes that the recovery is not a flash in the pan, and the Shanghai property market has a solid fundamentals, strong policy support, and decisive measures, resulting in the stabilization of second-hand house prices. The bank believes that the structural recovery will follow the path of first-tier cities first, then second-tier cities, and real estate will not become a core macroeconomic risk point. The bank recommend focusing on developers with development capability and financing channels such as China Resources Land (01109), as well as real estate service companies such as Ke Holdings (02423), China Resources Mixc.
China Res Mixc (01209): Guo Ruifeng resigned from the positions of executive director, vice president and chief global strategy and operation officer.
China Res Mixc (01209) announced that Guo Ruifeng has resigned from his positions as executive director, vice president and chief strategic operation officer of the company due to other work arrangements within China Resources Related, effective from June 19, 2024.
Express News | China Resources Mixc Lifestyle Services - Guo Ruifeng Resigned as Executive Director, Vice President
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