＜Research＞HSBC Research Expects CN Property Sales to Return to Positive YoY Growth in Sep, Prefers China Overseas, CR Land, Yuexiu, KE Holdings

　　The prices gradually stabilized on the back of rising property sales in the second-hand market of China, with a MoM growth in the second-hand home prices in Beijing, Shanghai, Hangzhou and Nanjing in June, turning around the decline for 6 consecutive months, signaling the first stage of recovery, HSBC Global Research issued a research report saying. HSBC Global Research expected property sales to return to positive YoY growth in September.

　　In addition, HSBC Global Research believed that the financing in China's property sector is getting smoother and cheaper. YUEXIU PROPERTY (00123.HK) +0.180 (+3.358%) Short selling $3.67M; Ratio 12.885% 's recent issuance of 5-/ 10-year onshore bonds at all-time low coupons rate of 2.25%/ 2.75% brought a positive surprise to the market, resulting in a drop in the effective financing cost.

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　　HSBC Global Research preferred Chinese state-owned developers, and recommended CHINA OVERSEAS (00688.HK) +0.160 (+1.203%) Short selling $32.06M; Ratio 24.254% , CHINA RES LAND (01109.HK) +0.150 (+0.565%) Short selling $29.82M; Ratio 24.035% , YUEXIU PROPERTY and GREENTOWN CHINA (03900.HK) +0.260 (+4.050%) Short selling $3.23M; Ratio 13.372% , all of which are rated at Buy, believing that their risk-return profile has become more attractive. The latest ratings and target prices of the sector are listed in a separate table.

　　At the same time, the broker also liked property agency KE Holdings Inc (BEKE.US) , which is also rated at Buy.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-17 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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