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<Research>M Stanley: High Vol. of Secondary Home Listings in CN May Suppress Sentiment; CHINA RES LAND/ C&D INTL GROUP Liked
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Amid a significant decline in sales in September, the decline in second-hand home prices in major cities in mainland China slightly accelerated in October, according to Morgan Stanley's research report. Morgan Stanley believed that the large volume of second-hand property sale listings on the market may continue to suppress market sentiment, and exert pressure on property sales and prices for the remainder of the year. While the broker maintained a cautious view on the overall physical market, Morgan Stanley believed that the recent industry pullback due to cooling short-term stimulus expectations and weak sales may provide a good entry opportunity for quality SOEs. In contrast, the broker remained prudent on private enterprises, as their aging and continuously depleting land reserves may constrain sales and profit for a longer time. Morgan Stanley was optimistic about CHINA RES LAND (01109.HK) and C&D INTL GROUP (01908.HK), considering them long-term market consolidators with attractive dividend yields. Given potentially stronger sales performance, CHINA OVERSEAS (00688.HK), CHINA JINMAO (00817.HK) and YUEXIU PROPERTY (00123.HK) may also outperform peers in 4Q25. AASTOCKS Financial News Website: www.aastocks.com |
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