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<Research>UBS: It Is Too Early to Call for Stabilization of CN Property Mkt; New Home Sales Remain Weak
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Chinese developers rose by an average of 8% yesterday (29th), primarily due to reports suggesting a relaxation of the "Three Red Lines" policy on Chinese developers, as well as a recent recovery in second-hand home transactions and stable home prices in first-tier cities, UBS released a research report saying. Based on their channel checks with Chinese developers and agents, it is still too early to assert that the market is stabilizing, the broker stated. The industry believed that the recent rebound in second-hand property transactions is merely a market sentiment reaction following a policy tone shift from an article in Qiushi, along with policy support from the People's Bank of China (PBOC) and the Ministry of Finance (MOF) for the industry. New home sales remain weak, according to data from Chinese developers and BEKE-W (02423.HK). UBS believed that the sustainability of the recovery in China's property market is questionable, and suggested observing actual trading data after the Chinese New Year. AASTOCKS Financial News Website: www.aastocks.com |
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