20230928-交银国际证券-房地产周报_内地多地楼市放宽政策落地；香港市场憧憬楼市政策调整_9页_566kb

Summary of Real Estate Market Report (Sept 28, 2023)

Analyst Disclosures and Disclaimers

The report includes mandatory disclosures, noting that the views expressed are based on analysts' personal opinions and not tied to their compensation. Authors have not handled sensitive information improperly and have no financial interests in mentioned companies, except one holding shares in a specific entity. Full details on business relationships and conflicts are provided, and the report is confidential with no re-distribution allowed.

Key Findings: Market Dynamics

Hong Kong Real Estate

• Hong Kong market shows hopeful signs of policy adjustments, with higher-end homes potentially revalued. Sales volume for new developments surged, while secondary market remains weak.
• Private residential prices fell for seven months, indicating depression, but rentals rose. Plans for subsidized sales aim to aid first-time buyers.
• Investment recommendations favor New World Development (16HK/买入) for potential outperformance due to affordable inventory and retail recovery.

Mainland China Real Estate

• Multiple cities relaxed policies to stimulate the market, including reducing down payments, canceling purchase limits, and providing housing subsidies.
• Key company updates: Evergrande paused trading due to debt issues, China Oryx resumed trading after financial filings, and Greenland Holdings extended bonds. Country Garden adjusted its fundraising.
• Market data: Sales volumes increased significantly, but inventory levels remained high, with potential recovery expected in Q4 per policy support.

Investment Recommendations

• Mainland China: Focus on policy beneficiaries among private developers for revaluation, preferring state-owned enterprises like China Resources Land for stability.
• Hong Kong: Prioritize listed REITs and property developers for exposure to market rebound.

Disclaimer

This report is general information only, not investment advice. It should not be relied upon for decision-making without professional consultation. Conflicts of interest may exist due to business ties.