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<Research>Ping An Securities: CN Land Reserve & Urban Reform Push Property Mkt to Stop Decline & Stabilize
Recommend 48 Positive 78 Negative 19 |
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Ping An Securities’ report on Chinese property developers cited Chinese Premier Li Qiang’s Beijing visit and study, emphasizing that acquiring existing commercial housing for affordable housing is crucial for stabilizing the real estate market and improving livelihoods. Governments should implement policies granting cities greater autonomy in acquisition entities, pricing, and usage, while promptly introducing new support measures. He said China needs to advance urban renewal, intensifying urban village and dilapidated housing transformations, and revitalizing existing stock while optimizing new supply. Policies should address the needs of new urban residents and those facing housing difficulties, supporting essential and upgraded housing demand. In the short term, as more high-quality projects enter the market in 2025, their product and pricing advantages were expected to stabilize prices first, guiding the property market toward recovery. As to investment recommendations, for short term, with the introduction of more policies to expand domestic demand, the housing market was expected to stop falling and stabilize; the continued entry of "good houses" into the market in the medium and long term as expected to give rise to a new round of improvement demand release, while the product iteration and the bottom of the cycle may contain a new round of development opportunities. The broker recommended stocks like developers with light historical burdens, optimized inventory and strong products: CHINA OVERSEAS (00688.HK), CHINA RES LAND (01109.HK), GREENTOWN CHINA (03900.HK), C&D INTL GROUP (01908.HK), and YUEXIU PROPERTY (00123.HK); developers with valuation repair potential: SEAZEN (601155.SH), GEMDALE (600383.SH), and VANKE A (000002.SZ); leaders in property agencies: BEKE-W (02423.HK); and property managers CHINA OVS PPT (02669.HK), and POLY PPT SER (06049.HK). AAStocks Financial News |
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