20240326-招银国际-Weekly_highlight__Tier-1_cities_showed_WoW_recovery,_YoY_decline_remains_deep_6页_715kb

China's property sector experienced a week-over-week recovery, particularly in tier-1 cities, according to the latest report. The State Council meeting recently underscored the real estate industry's role in stabilizing the macro economy, sparking renewed expectations for policy support, including the white-list financing program. This led to a 2-3% price increase for high-quality stocks. However, year-over-year declines in property sales remain deep, with year-to-date figures showing significant drops. Transaction data for tier-1 cities indicate varying recovery rates, with Beijing leading in new home sales, while Shenzhen and Shanghai show strong performances in secondary markets.

The report recommends focusing on property management companies such as CR MixC, BEKE, and Greentown Management due to their stable earnings and high dividend payouts. Developers like CR Land are also favored for their long-term value. Overall, while policy relaxation is anticipated, sales growth could be limited by unresolved income expectations and debt crises among developers.