External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>In-line NBS Dec data concluded the hard-landing 2022 for property market with sales value/property investment down 27/10% YoY.</li><li>Looking into 2023, we think the recovery of new home market still takes time and expect sales and investment to continue falling at -10/-5% (slightly more negative than consensus).</li><li>The key investment themes for this year are quick recovery in existing home market and property supply chain to enjoy direct policy support (RMB350bn Home completion funding, RMB100bn for social housing).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In-line NBS Dec data concluded the hard-landing 2022 for property market with sales value/property investment down 27/10% YoY.Looking into 2023, we think the recovery of new home market still takes time and expect sales and investment to continue falling at -10/-5% (slightly more negative than consensus).The key investment themes for this year are quick recovery in existing home market and property supply chain to enjoy direct policy support (RMB350bn Home completion funding, RMB100bn for social housing).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Sector – Silver lining lies on relaxation in Tier 1 cities

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Outlook /: <a href="https://www.caixinglobal.com/2022-12-20/in-depth-whats-in-store-for-china-gdp-fiscal-policy-in-2023-101980038.html" target="_blank" rel="noopener">In Depth: What’s in store for China GDP, fiscal policy in 2023</a></li><li>Covid-19 /: Hong Kong approval expands mainlanders’ access to mRNA Covid shots</li><li>Trade /: <a href="https://www.caixinglobal.com/2022-12-20/chinese-exporters-lose-some-of-their-edge-from-a-weakening-yuan-101980123.html" target="_blank" rel="noopener">Chinese exporters lose some of their edge from a weakening yuan</a></li></ul>

Outlook /: In Depth: What’s in store for China GDP, fiscal policy in 2023Covid-19 /: Hong Kong approval expands mainlanders’ access to mRNA Covid shotsTrade /: Chinese exporters lose some of their edge from a weakening yuan

CX Daily: What’s in Store for China GDP, Fiscal Policy in 2023

<ul><li>China’s latest helping hand to the property market is expected to benefit state-owned and quality private developers.</li><li>Allowing developers to raise money on the Chinese mainland and Hong Kong stock markets could help firms get their hands on fresh cash and acquire assets from their peers that have defaulted</li><li>The new measures, announced by the China Securities Regulatory Commission (CSRC) in a Monday Q&amp;A, allow such share sales for purposes including debt repayments and acquisitions</li></ul>

China’s latest helping hand to the property market is expected to benefit state-owned and quality private developers.Allowing developers to raise money on the Chinese mainland and Hong Kong stock markets could help firms get their hands on fresh cash and acquire assets from their peers that have defaultedThe new measures, announced by the China Securities Regulatory Commission (CSRC) in a Monday Q&amp;A, allow such share sales for purposes including debt repayments and acquisitions

China’s Property Support Seen as Helping State-Owned, Quality Private Developers

<ul><li>We think the third arrow from CSRC is positive to the sector as 1) the signal is stronger than the previous 16 measures by PBOC because the equity financing channel has been long freeze for A-share property names.</li><li>So that means the attitude towards property sector is a U-turn to help developers in need.</li><li>2) It opens up the imagination that troubled developers may issue equity to SOEs or local government for mixed ownership. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We think the third arrow from CSRC is positive to the sector as 1) the signal is stronger than the previous 16 measures by PBOC because the equity financing channel has been long freeze for A-share property names.So that means the attitude towards property sector is a U-turn to help developers in need.2) It opens up the imagination that troubled developers may issue equity to SOEs or local government for mixed ownership. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Sector – Equity financing reopens to fuel another rally

<ul><li>Property names are likely to trade high at market open today again on MOHURD’s relaxation of pre-sales escrow account supervision.</li><li>However, we suggest investors to make use of it to take profits on POE names as 1) the recent POE rally (&gt;100% in 3 days) has largely priced in the policy support.</li><li>If we recalled Oct 2021 and Mar 2022 when Vice Premier Liu /PBOC/CBIRC/MOHURD also came out with strong support, the actual implementation was not so straightforward which led to sector de-rating again.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Property names are likely to trade high at market open today again on MOHURD’s relaxation of pre-sales escrow account supervision.However, we suggest investors to make use of it to take profits on POE names as 1) the recent POE rally (&gt;100% in 3 days) has largely priced in the policy support.If we recalled Oct 2021 and Mar 2022 when Vice Premier Liu /PBOC/CBIRC/MOHURD also came out with strong support, the actual implementation was not so straightforward which led to sector de-rating again.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Sector – One day one policy: profit taking may start on POE names

China

China Vanke is a prominent real estate developer primarily focused on residential property sales, and is among the top three in China. The company has expanded its business to include investment properties such as commercial retail complexes, long-term leasing apartments, and logistical assets, alongside property management services. Founded in 1984, China Vanke is headquartered in Shenzhen, Guangdong, China.

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China Vanke (2202 HK)

China Property Sector – Silver lining lies on relaxation in Tier 1 cities

In-line NBS Dec data concluded the hard-landing 2022 for property market with sales value/property investment down 27/10% YoY.

CMB International

CX Daily: What’s in Store for China GDP, Fiscal Policy in 2023

What’s in store for China GDP, fiscal policy in 2023. Hong Kong approval expands mainlanders’ access to mRNA Covid shots. Chinese exporters lose...

Caixin Global

China’s Property Support Seen as Helping State-Owned, Quality Private Developers

China’s latest helping hand to the property market is expected to benefit state-owned and quality private developers. Allowing developers to raise...

Caixin Global

China Property Sector – Equity financing reopens to fuel another rally

After market closed, CSRC’s Chairman Yi Huiman announced that in order to maintain stable and heathy development of real estate market

CMB International

China Property Sector – One day one policy: profit taking may start on POE names

Property names are likely to trade high at market open today again on MOHURD’s relaxation of pre-sales escrow account supervision. However, we...

CMB International

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