＜Research＞Citi: CN Property Mkt Still in Recovery as Soft Landing Coming; CR LAND, BEKE Among Top Picks

　　According to a recent Citi Research report, Citi Research conducted a proprietary China Property Survey of 3,000 households, finding that 49% of sellers decided to keep cash or invest in stocks and bonds; only 19% sold at loss; 73% still preferred new home, yet 60% for completed units; 16% looked for smaller size; just 38% were more interested to buy after recent policy; 48% expected higher home price in the next 2 years; and 38% budgeted for renovations at an average of RMB158,000.

　　Citi Research believes that household confidence in China property market still needs time to be restored. With soft-landing in the making, the broker prefers stocks with cash flow and profitability, and thus its top picks are CHINA RES LAND (01109.HK) +0.450 (+1.775%) Short selling $41.99M; Ratio 15.104% and BEKE-W (02423.HK) +0.350 (+0.945%) Short selling $9.56M; Ratio 44.034% .

　　Related NewsCiti: CHINA RES LAND, BEKE Are Key Beneficiaries of Improvement in CN Property Sector w/ Top Pick CCB Among CN Banks

　　As for China banks, even though the initial policy boost to home buyer sentiment looks modest, Citi Research believes more policy support is on the way. It prefers CCB (00939.HK) +0.080 (+1.498%) Short selling $453.83M; Ratio 29.943% 's H-shares as a high dividend yield play, with potential upside from dividend tax cuts for southbound investors.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-22 16:25.)

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