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<Research>M Stanley Says CN Aug Home Sales Still Tepid, Prefers Property Managers over Developers
Recommend 21 Positive 14 Negative 20 |
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Morgan Stanley released a report on Chinese property developers. It said property sales in the mainland remained meager in August as housing prices accelerated their decline. Meanwhile, construction and investment of real estate market remained sluggish. Although more city-level easing measures were expected to be introduced in 4Q24, the broker reiterated its cautious view on the recovery of the physical market. The broker was still more inclined to property managers than developers, expecting better sustainability of natural growth and dividend yield of property managers. Therefore, the broker preferred CHINA RES MIXC (01209.HK) and POLY PPT SER (06049.HK). For developers, the broker continued to prefer defensive SOEs, such as CHINA RES LAND (01109.HK), GREENTOWN CHINA (03900.HK) and CHINA OVERSEAS (00688.HK). AAStocks Financial News |
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