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<Research>HSBC Global Research: CN Home Price Adjustments Paving Way for Wider Mkt Stability; COLI, CR LAND, BEKE Preferred
Recommend 10 Positive 21 Negative 10 |
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According to HSBC Global Research, two interesting developments in China's property market have caught its attention and given it a reason to be optimistic about the mainland property sector. Namely, there is a rush to buy luxury flats in high-tier cities, while the secondary market is active. This is also a positive sign of market recovery, with price adjustments paving the way for stabilisation in the wider market. The broker favoured CHINA OVERSEAS (00688.HK) and CHINA RES LAND (01109.HK), both solidly benefiting from the industry's transformation, and have strong earnings portfolios, stable dividends and healthy balance sheets. COLI's new saleable resources in first-tier cities account for 60% of its total, which is conducive to share price recovery. Meanwhile, CR LAND's retail business remained industry-leading. Furthermore, HSBC considered BEKE-W (02423.HK) to have benefited from solid transactions in first-tier cities. YUEXIU PROPERTY (00123.HK) is also worth noting, as 44% of its landbank floor area came from first-tier cities, and the developer has increased its focus on high-end projects. Stock │ Rating │ Target Price CHINA OVERSEAS (00688.HK) │ Buy │ HK$18.00 CHINA RES LAND (01109.HK) │ Buy │ HK$44.20 YUEXIU PROPERTY (00123.HK) │ Buy │ HK$6.80 KE Holdings (BEKE.US) │ Buy │ US$21.80 AAStocks Financial News |
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