＜Research＞CCBI: CN Property Fundamentals Improving; Higher Upside After Mkt Consolidation

　　CCBI commented in a reprot that the fundamentals of the Mainland property market have improved, with a significant rebound in June data and greater upside potential after market consolidation. According to the National Bureau of Statistics (NBS), the Chinese property market improved for the second consecutive month under favourable policy measures, with sales accelerating from a 13.2% MoM growth in May to a 50.9% MoM growth in June. However, the decline in residential property prices continued, with residential property prices in 70 large- and medium-sized cities deteriorating on a YoY basis in June despite a MoM improvement.

　　According to the broker, recent comments on the property market reflected speculation that the market has bottomed out. While the timing and strength of the recovery remained in debate, the broker's channel research suggested that market correction is fading.

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　　CCBI saw potential upside after market consolidation, and it favours quality state-owned real estate companies such as CHINA OVERSEAS (00688.HK) +0.040 (+0.298%) Short selling $49.10M; Ratio 19.423% , CHINA RES LAND (01109.HK) +0.050 (+0.188%) Short selling $60.87M; Ratio 22.752% and POLY DEVELOPMENTS (600048.SH) 0.000 (0.000%) , which the broker believed may be gradually revalued on the back of strong fundamentals.

　　CCBI's ratings and target prices for Chinese property stocks are as follows.

　　Stock | Rating | Target Price (HKD)

　　CHINA OVERSEAS (00688.HK) +0.040 (+0.298%) Short selling $49.10M; Ratio 19.423% | Outperform | $20.4

　　CHINA RES LAND (01109.HK) +0.050 (+0.188%) Short selling $60.87M; Ratio 22.752% | Outperform | $36

　　YUEXIU PROPERTY (00123.HK) +0.020 (+0.362%) Short selling $9.49M; Ratio 17.795% | Outperform | $7

　　GREENTOWN CHINA (03900.HK) +0.070 (+1.048%) Short selling $5.50M; Ratio 13.652% | Outperform | $11

　　GREENTOWN MGMT (09979.HK) -0.050 (-1.059%) Short selling $910.28K; Ratio 4.339% | Outperform | $10

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　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-17 16:25.) (A Shares quote is delayed for at least 15 mins.)

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