China’s average new home sales in first two weeks of Sept down 32% on year – CICC
STOCKS
China’s average new home sales in first two weeks of Sept down 32% on year – CICC
STOCKS

China’s average new home sales in first two weeks of Sept down 32% on year – CICC

 

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The weekly average new home sales in China in the first two weeks of September have remained flattish compared to that in August, while declining 32% from a year earlier, said China international Capital Corporation (CICC) in a note on Thursday.

Given the recent sporadic COVID-19 resurgence across various Chinese cities, CICC forecast that China’s new home sales will likely encounter pressures and the Chinese government may further scale up existing supportive policies to boost home-buying demand and ensure property deliveries.

Among H-share Chinese developers, China Resources Land, China Overseas, Greentown China, Yuexiu Property, Midea Real Estate , China Overseas Grand Oceans and C&D International Group were preferred, CICC said.

China Overseas Property, Poly Property Service, China Resources Mixc and Greentown Management were favored among the property managers, it said.