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<Research>Daiwa: Positive Tone Set by CN MOF to Provide Support for CN Developers' Shr Prices, Prompting ST Buy-on-dip Chances
Recommend 58 Positive 138 Negative 47 |
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The Ministry of Finance (MOF) recently announced financial support measures for the property sector, but did not disclose the specific amount, Daiwa released a research report saying. The central government will expand the use of local government special-purpose bonds (SPBs), allowing localities to tap into the proceeds of the SPB to acquire idle land and unsold housing units from developers, Deputy Minister Liao Min said. In addition, Daiwa added that the market may be disappointed with the lack of clarity on the scale of the stimulus measures. However, the positive tone set by the MOF is believed to provide support to the share prices of Chinese developers until the final announcement of the package. Therefore, there may be opportunities for buy-on-dip in the short term. For the long term, Daiwa's top picks remain CHINA RES LAND (01109.HK) and CHINA OVERSEAS (00688.HK), with target prices of $31.5 and $20.8 each, with both rated at Buy. AAStocks Financial News |
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