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CHINA RES LAND News
china res land (01109.HK) obtained a financing of 2.5 billion yuan in the form of a term loan.
Gelonghui, November 26th丨china res land (01109.HK) announced that on November 26, 2024, the company, as the borrower, entered into a financing letter with a bank to provide a fixed loan financing of 2.5 billion RMB (or equivalent Hong Kong dollars). The loan term is three years, calculated from the date of the first withdrawal of the loan agreement.
Express News | China Resources Land - Entered Facility Letter With One Bank for a Term Loan Facility of CNH2.50 Bln
CICC Leasing: Expected 5% Continued Decline in Hong Kong Property Prices, Market to Stabilize in the Second Half of Next Year.
Citi Research released a report stating that Hong Kong property prices are expected to decline by another 5%, and then bottom out in the second half of next year, at which point mortgage rates should significantly decrease to near the level of net rental roi.
China Galaxy Securities: The stable operation advantages of central and state-owned enterprises in real estate are highlighted, helping to navigate through cycles.
With the gradual increase in support from top-down policies for the industry, the valuation of leading real estate companies is expected to rise.
Follow up on Guangzhou! First-tier cities all cancel the standard of ordinary and non-ordinary residential properties, what is the market impact?
① With Guangzhou's official announcement today, all four first-tier cities have now canceled the standards for ordinary residences and non-ordinary residences. ② "For first-tier cities, after canceling the standards for ordinary residences and non-ordinary residences, it can significantly reduce the value-added tax costs in the second-hand housing trade process, lower transaction costs, and promote improving demand."
haitong int'l: Significant improvement in commodity housing sales in October, with a narrowing year-on-year decline in completion.
The current real estate sector's market cap as a percentage of economic value is not completely equivalent, indicating potential for value reassessment.
The unchanged LPR in November meets market expectations. Industry insiders do not rule out the possibility of further interest rate cuts next year along with the reverse repurchase rate.
① By the end of the year, the economic running is expected to continue its upward trend, with policy interest rates likely to remain stable and LPR quote also expected to stay unchanged. ② There is a high possibility of further reductions in deposit rates in the future, coupled with the issuance of special treasury bonds to support large state-owned commercial banks in replenishing their core tier one capital, which is expected to gradually alleviate the interest spread and operational pressure for commercial banks. It is possible that next year the LPR quote may be accompanied by further interest rate cuts on reverse repurchase agreements.
According to the Finger Research Institute, in October, the average price of second-hand residences in 100 cities dropped by 7.27% compared to the same period last year.
According to data monitoring by the China Index Academy, in October 2024, the average price of second-hand residences in 100 cities was 14,360 yuan per square meter, a month-on-month decrease of 0.60%, narrowing the decline by 0.10 percentage points compared to September; a year-on-year decrease of 7.27%.
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Guosen: Marginal improvement in real estate sales volume and price from January to October 2024, development investment has not yet improved.
Observing the sales scale relative to the historical same period, the sales volume and sales area of commodity housing in October are equivalent to 62% and 54% of the same period in 2019, still at a relatively low level, but have improved compared to the previous low point. The effects of a series of demand-side bullish policies introduced at the end of September are more pronounced.
Brokerage Morning Meeting Highlights: The historical bottom of real estate stock valuation may have been established.
At today's brokerage morning meeting, China Securities Co.,Ltd. proposed supply-side optimization, suggesting to focus on industries such as steel, photovoltaic, cement, coal, and rare earths; htsc stated that domestic sales of household appliances are improving with stable exports, focusing on two major themes for the year 2025; China International Capital Corporation believes that the historical bottom of real estate stock valuation may have been established.
Changsha's housing provident fund introduces new policies: the minimum down payment ratio for the first and second set of housing is 20%, and the maximum loan amount can be increased to four times.
①Employees' families purchasing their first or second improved self-occupied housing applying for housing provident fund loans, the minimum down payment ratio is uniformly adjusted to 20%; ②The maximum loan amount for high-level talents in categories A, B, C, and D purchasing their first self-occupied housing can be increased to four times the maximum loan amount in Changsha.
Real estate policies continue to stimulate real estate stocks, r&f properties rose more than 5%.
① What are the main contents of the "Notice on Canceling the Standards for Ordinary Housing"? ② How do market policies affect the real estate market?
Among first-tier cities, shanghai was the first to cancel the standard for regular and non-regular residential properties, and it has comprehensively reduced the cost of housing trade taxes and fees.
① Shanghai is the first of the four first-tier cities to abolish the standards for ordinary and non-ordinary residential properties, and it is expected that the other three first-tier cities will also quickly eliminate the relevant standards. ② The latest policies in Shanghai will reduce personal income tax and housing transaction tax, making transaction costs more reasonable, while better meeting residents' replacement needs; these measures will enhance the confidence of market participants and are beneficial for further stabilizing market expectations.
The Zhongzi Research Institute: Last week, the year-on-year increase in the housing market was significant, with 1.46 million square meters of residential land transacted in 40 large and medium-sized cities.
The China Real Estate Research Institute stated in a document that last week the overall real estate transaction volume decreased compared to the previous week, but increased year-on-year, with first-tier cities leading the year-on-year increase at 43.34%.
[Brokerage Focus] OCBC Bank pointed out that China's real estate market performed steadily in November, expecting the overall industry allocation attractiveness to increase.
King& Capital News | The latest China real estate weekly report released by DBS Bank shows that the Chinese real estate market performed steadily in early November 2024. The bank stated that the average weekly transaction volume of GFA (Gross Floor Area) in 27 tracked cities increased by 7.2% compared to the previous month and grew by 32% compared to the same period last year, rising by 24% from the same period last year. In addition, the number of new units launched in 11 major first and second-tier cities decreased by 25% compared to the previous month, but the monthly average transaction volume increased by 6% compared to October, and the average sales rate increased by 8.8 percentage points to 56.3%. In terms of inventory, the inventory levels in key cities have also shown some improvement.
Home Prices in Major Chinese Cities Show Slight Improvement
China Securities Co., Ltd.: The implementation of related tax support policies promotes the stabilization of the real estate industry.
Local governments independently set the standards for land value-added tax, but the minimum pre-collection rate of land value-added tax in all regions is uniformly reduced by 0.5 percentage points, namely, it is reduced to 1.5%, 1%, 0.5% in the eastern, central, northeastern, and western regions respectively.
[Brokerage Focus] UBS Group: Slight positive impact of China's real estate tax reduction policy.
Jinwu Financial News | Summary: A report by ubs group indicates that the tax reduction policy jointly announced by the Ministry of Finance, the State Taxation Administration, and the Ministry of Housing and Urban-Rural Development has a slight positive impact on the real estate industry. The policy aims to support housing demand by reducing trade costs and alleviating cash flow pressure on developers. The report believes that the decrease in deed tax and the exemption of value-added tax (VAT) on non-normal residences have limited market impact but may increase the supply in the secondary housing market and make sellers more willing to accept lower prices, as net gains may be higher than before. In addition, the reduction in the prepayment rate of land appreciation tax (LAT) affects developers' outflow of cash.
Mainland real estate turned from rising to falling. Longfor Group (00960) dropped 5.23%. Morgan Stanley indicated that real estate developers can hardly benefit from the tax reduction policy.
Jingu Financial News | Mainland real estate stocks have turned from rising to falling. As of the time of writing, longfor group (00960) is down 5.23%, china res land (01109) is down 4.59%, seazen (01030) is down 4.05%, china overseas (00688) is down 3.77%, and china vanke (02202) is down 3.61%. In terms of news, morgan stanley issued a research report indicating that the Ministry of Finance launched a series of housing tax relief measures yesterday (the 13th) to reduce the transaction costs for buyers and sellers. The measures are generally in line with market expectations and may provide slight assistance to real estate sales in the short term.
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