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<Research>JPM: CN Property Sale Tax Cut Has Limited Effect, Fails to Improve Mkt Forecasts on Home Prices
Recommend 2 Positive 3 Negative 6 |
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China's Ministry of Finance (MOF) announced a reduction in the value-added tax rate for residential properties held for less than two years, from 5% to 3%, according to JPMorgan's research report. However, the broker believed that the new policy has limited impact, as it only helps sellers slightly reduce costs and does not benefit buyers, failing to improve buyers' expectations of home prices. Unless the government demonstrates a stronger commitment to stabilizing home prices, JPMorgan projected the real estate market to remain sluggish. Within the sector, the broker's top picks are CHINA RES LAND (01109.HK)/ CHINA RES MIXC (01209.HK)/ CHINA JINMAO (00817.HK), with target prices of $35/$44.5/$1.75 and ratings at Overweight. Meanwhile, JPMorgan advised investors to avoid CHINA VANKE (02202.HK). AASTOCKS Financial News Website: www.aastocks.com |
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