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As a whole, the property management stocks are under pressure. Songdu Service (09608) fell by 10.81%. Morgan Stanley expects reduced management fees to put pressure on the profitability of property management stocks.
Kinwai Financial News | Property management stocks are under pressure as a whole. Songdu Services (09608) fell 10.81%, Powerlong Commercial (09909) fell 4.91%, Times Neighborhood (09928) fell 4.26%, Binjiang Services (03316) fell 2.95%, KWG Living (03913) fell 2.67%, and China RES Mixc (01209) fell 2.43%. JPMorgan published a research report stating that since June, Chongqing has seen many community owners requesting a reduction in management fees, with a rising trend. Currently, most requests have not been successful, and no similar requests have been seen in other regions of the mainland.
CICC maintains China Res Mixc (01209) with a "outperform" rating and a target price of HK$35.
Zhongjin predicts steady growth in the shopping center sector, mainly due to contributions from new project openings and relative resilience of same-store sales.
Stocks in Hong Kong surged nearly 3%, with China Res Mixc (01209) showing exceptional growth. Peking's Mixc Hope & Hope is expected to introduce new dining merchants in July, and the project is expected to be completed by the end of the year.
China RES MIXC (01209) rose nearly 3%, as of the time of publication, it rose 2.84%, to HKD 25.35, with a turnover of HKD 63.5384 million.
[Brokerage Focus] China's real estate sector may face downward pressure from July to August, according to CMB International.
Jin Wu News | CMB International stated that Guangzhou has further relaxed regulations allowing foreigners to purchase homes; The land auction market has become hot after canceling the price limit in high-energy-level cities, while low-energy-level cities are relatively weak, indicating that the market-oriented bidding mechanism will accelerate the balance of supply and demand. High-frequency data shows that the sales of new homes have fallen slightly since the peak in late June, while second-hand homes remain strong. From early July to now, the daily average transactions of new homes/second-hand homes have decreased by 21%/increased by 11% respectively compared to the daily averages in June. In terms of transaction observation in first-tier cities, the weekly transaction volume of new and second-hand homes in the 27th week has declined compared with the previous week. Compared with the weekly average transaction volume in the year, Shenzhen and Guangzhou have performed relatively stable.
[Brokerage Focus] Zhongyin International is optimistic about the real estate and property management sectors, pointing out that the stock prices in the sectors will maintain a repairing trend in the medium to long term.
Jingu Financial News | Zhongyin International said it is optimistic about the real estate and property management sectors. The bank sees Beijing lowering the down payment ratio by 10-15 percentage points and lowering the housing loan interest rate by 30-55 basis points. Consistent with the bank's previous expectations, the minimum down payment ratio and housing loan interest rate restrictions in Beijing have been lowered to the same level as Shanghai and Shenzhen. As for the purchase restriction policy, according to the bank's policy relaxation timetable, there is still some room for Beijing, Shenzhen and Shanghai. As of June 26th, looking at the average daily transaction area before and after the 517 new policy, the new house market in 30 cities and the second-hand house market in 17 cities have both increased by 25%, which may be stimulated by the new policy, and the concentration of the end of the half year on the internet.
[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.
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