＜Research＞Daiwa Notes Enhanced Property Easing Policies in BJ; Industry Top Picks CR LAND, YUEXIU PROPERTY

　　Daiwa covered in a report that yesterday (26 June), several departments of the Beijing municipal government announced a reduction in the interest rates and down payment ratios of first- and second-home purchase mortgages, as well as an increase in the strength of the policy on mortgage easing.

　　The new measures take effect today (27 June). The broker expected that property sales in first-tier cities would improve as a result of the favourable policies, but it is not optimistic about the sustainability of the policy-driven improvements.

　　Related NewsM Stanley: COLI, CR LAND More Involved in BJ's Lowering of 1st Home Purchase Down Payment Ratio to 20%

　　Daiwa believed the market has long expected a further relaxation of property policies, and therefore estimated the relevant positive factors to have been reflected in the share price performance. Nevertheless, with the Third Plenary Session of the CCP Central Committee to soon be held, the market may see a new round of policy-driven trading waves, possibly giving opportunities to enter the market in the near future.

　　Daiwa emphasised that state-owned real estate enterprises are still the best long-term investment targets, and continued to consider CHINA RES LAND (01109.HK) -0.550 (-2.007%) Short selling $73.32M; Ratio 21.588% and YUEXIU PROPERTY (00123.HK) -0.150 (-2.757%) Short selling $8.24M; Ratio 12.844% as top picks in the industry. The broker's target prices on them are $36.1 and $9.95 respectively, with both rated Buy.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-26 16:25.)

　　AAStocks Financial News