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<Research Report>JPM: Any Easing of Home Buy Curbs in Tier 1 CN Cities May Pose Slim Impact on Sales
Recommend 39 Positive 45 Negative 38 |
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Chinese property developers had their stock prices drifted 4% higher on last trading day (6th), following the upsurge on last Friday (2nd), on the ride of a state-run newspaper's commentary which called for relaxing home purchase restrictions, JP Morgan said in its report. The broker believed that the relaxation of the demand side in the non-core areas of first-tier cities is not completely new and is expected to continue. According to the report, this move may shift part of the housing demand from the core area to the non-core area, but is not expected to boost the confidence of homebuyers as a whole, the impact of which on overall sales is expected to be slim. The broker also quoted onshore and offshore investors that they had low expectations for stronger policy stimulus, and most of them did not catch up with the market during this upswing. JP Morgan suggested to buy SOE developers on dips. It named CHINA RES LAND (01109.HK), CHINA OVERSEAS (00688.HK), CHINA RES MIXC (01209.HK), POLY PPT SER (06049.HK) and CHINA OVS PPT (02669.HK). It also projected cash-strapped Chinese developers to turn feeble again, taking SUNAC (01918.HK), SUNAC SERVICES (01516.HK) and SHIMAO SERVICES (00873.HK) as examples. AAStocks Financial News |
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