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China Property: Signs of an inflection point; upgrade regional developers to Buy. After four years of property downturns, there are growing signs of market stabilisation in tier-1 and core tier-2 cities. These include a recovery in existing property transactions in 2M25 with no policy easing (Figure 3), inventory months falling to below-average levels in tier-1 cities, rising land auction premiums and stabilising secondary listings. These are similar to the signs seen at the 2014-15 cycle's inflection point. After the relaxation of price cap measures in mid-2024, we think developers are more motivated to improve product quality, increasing their differentiation with neighbouring secondary properties. We raise 2025E-26E new home sales by 7-16% and existing home sales by 7-10%, and now expect national price stabilisation by early 2026 (previously mid-2026). We upgrade Greentown China, Yuexiu Property and C&D International to Buy on their higher exposure to tier-1/core tier-2 cities. We also like Kerry Properties and Swire Properties on their higher exposure to Shanghai's luxury residential market. Source: UBS.
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south32 limited
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Last
$3.05 |
Change
-0.020(0.65%) |
Mkt cap ! $13.73B |
Open | High | Low | Value | Volume |
$3.02 | $3.07 | $2.99 | $53.44M | 17.65M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 16788 | $3.05 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.06 | 5577 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 3788 | 3.050 |
8 | 17869 | 3.040 |
3 | 4289 | 3.030 |
1 | 48188 | 3.020 |
4 | 30100 | 3.010 |
Price($) | Vol. | No. |
---|---|---|
3.060 | 5577 | 4 |
3.070 | 56392 | 13 |
3.080 | 342008 | 27 |
3.090 | 66795 | 12 |
3.100 | 99855 | 25 |
Last trade - 16.10pm 12/08/2025 (20 minute delay) ? |
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S32 (ASX) Chart |