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<Research Report>G Sachs Projects CN Developers' Jun Contracted Sales to Drop 20-35% YoY; Jun-Dec Onshore/ Offshore Debt Repayment Pressure Still High
Recommend 51 Positive 66 Negative 61 |
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Goldman Sachs issued a research report, pointing out that the Chinese housing industry needs to further improve liquidity. Apart from macro-related indictors such as improvement signs in local government financing platform debt and demand-side support, the broker believed that further extension of debt maturity, optimized pre-sale margin control, and encouraged SOE acquisition activities can help improve the liquidity situation. However, Goldman said that in the absence of related easing policies, the short-term outlook for the Chinese housing sector is challenging, with contracted sales expected to fall 20-35% YoY. Onshore and offshore debt repayment pressure remains high from June to December, with non-defaulting private enterprises accounting for about half of total outstanding debt (excluding defaulting developers). Chinese Real Estate Stocks | Ratings | Target Prices AGILE GROUP (03383.HK) | Neutral | $2.4 CHINA VANKE (02202.HK) | Neutral | $16.2 CH OVS G OCEANS (00081.HK) | Buy | $5.2 CHINA OVERSEAS (00688.HK) | Buy* | $28.4 CHINA RES LAND (01109.HK) | Buy | $48 COUNTRY GARDEN (02007.HK) | Neutral | $2.8 SEAZEN (01030.HK) | Buy* | $4.3 CHINA JINMAO (00817.HK) | Buy | $2.14 GREENTOWN CHINA (03900.HK) | Buy | $16 R&F PROPERTIES (02777.HK) | Sell | $1.9 JOY CITY PPT (00207.HK) | Neutral | $0.4 KWG GROUP (01813.HK) | Sell | $0.79 LONGFOR GROUP (00960.HK) | Buy | $33 POWERLONG (01238.HK) | Neutral | $1.9 RS MACALLINE (01528.HK) | Sell | $2.95 *Conviction Buy List Property Management Stocks | Ratings | Target Prices A-LIVING (03319.HK) | Neutral | $9.6 CG SERVICES (06098.HK) | Buy | $25.7 CHINA OVS PPT (02669.HK) | Buy | $13 CHINA RES MIXC (01209.HK) | Neutral | $53 GREENTOWN SER (02869.HK) | Buy | $7.1 JINKE SERVICES (09666.HK) | Sell | $10.5 ONEWO (02602.HK) | Buy | $63 POLY PPT SER (06049.HK) | Buy | $62 POWERLONG CM (09909.HK) | Neutral | $7.1 S-ENJOY SERVICE (01755.HK) | Neutral | $9.6 SHIMAO SERVICES (00873.HK) | Sell | $2.4 SUNAC SERVICES (01516.HK) | Sell | $3.5 AAStocks Financial News |
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