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<Research>JPM: 'Three Red Lines' Relaxation for CN Developers Not New
Recommend 11 Positive 16 Negative 5 |
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JP Morgan published a report on Chinese property developers, of which stock prices escalated 6% yesterday morning (as of noon on January 29), possibly propelled by market speculation. Chinese authorities will no longer require developers to report the "Three Red Lines" situation monthly, according to report. However, JP Morgan considered that if the rise was solely a reaction to this news, the increase might not have been so enormous, as authorities have not enforced the monthly report submission for several years, indicating it is no new news. Nonetheless, the broker did not bar out the odds that the surge was driven by other market speculative behaviors. Sector-wise, the broker reiterated that Chinese property developers might continue to outperform the market ahead of the Two Sessions in March and the Politburo meeting in April. The broker favored CHINA RES LAND (01109.HK), CHINA RES MIXC (01209.HK), and CHINA JINMAO (00817.HK), but believed that LONGFOR GROUP (00960.HK) offers the best risk/ reward in a policy-driven rally. AASTOCKS Financial News Website: www.aastocks.com |
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