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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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S32
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Last
$3.07 |
Change
0.045(1.49%) |
Mkt cap ! $13.80B |
Open | High | Low | Value | Volume |
$3.04 | $3.08 | $3.04 | $36.88M | 12.06M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
82 | 253279 | $3.06 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.07 | 397672 | 100 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
83 | 256769 | 3.060 |
49 | 321790 | 3.050 |
45 | 463660 | 3.040 |
22 | 317568 | 3.030 |
20 | 141724 | 3.020 |
Price($) | Vol. | No. |
---|---|---|
3.070 | 362091 | 95 |
3.080 | 777366 | 52 |
3.090 | 349158 | 29 |
3.100 | 386516 | 41 |
3.110 | 387898 | 13 |
Last trade - 14.38pm 11/08/2025 (20 minute delay) ? |
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