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<Research>JPM: Beijing's Easing of Housing Purchase Restrictions Still Limited, Unlikely to Sustain Mkt Recovery
Recommend 7 Positive 6 Negative 10 |
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Beijing has once again eased housing purchase restrictions after 10 months for areas outside the Fifth Ring, accounting for 82% and 51% of the city's first- and second-hand residential unit transactions, according to a report from JPMorgan. In the broker's opinion, the extent of Beijing's easing was still small. Without adjusting buyers' expectations of housing prices, this policy alone is unlikely to drive a sustained recovery in the housing market. Historically, local government-level easing policies often stimulated transaction volumes for 2-3 months, but the excitement would eventually fade. JPMorgan's top picks for Chinese developers included CHINA RES LAND (01109.HK), CHINA RES MIXC (01209.HK), and CHINA JINMAO (00817.HK). If nationwide policies are introduced in the future, LONGFOR GROUP (00960.HK) will also present a good risk-reward. The above four stocks were rated as Overweight. AAStocks Financial News |
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