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>China’s central bank pledged to step up mortgage easing to support homebuyers, signaling further efforts to bolster the ailing property market.</li><li>Officials of the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange vowed Tuesday to implement precise and differentiated housing credit policies based on the specific conditions of each city and continue guiding commercial banks to relax residential mortgage rules.</li><li>Lenders should adjust mortgage rates for existing loans in an orderly manner to support people’s housing needs, the officials said at a meeting to outline their agenda for the second half of the year.</li></ul>

China’s central bank pledged to step up mortgage easing to support homebuyers, signaling further efforts to bolster the ailing property market.Officials of the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange vowed Tuesday to implement precise and differentiated housing credit policies based on the specific conditions of each city and continue guiding commercial banks to relax residential mortgage rules.Lenders should adjust mortgage rates for existing loans in an orderly manner to support people’s housing needs, the officials said at a meeting to outline their agenda for the second half of the year.

Central Bank Vows Further Mortgage Easing to Support Housing

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>NBS 2M23 sales value came flattish YoY, in line with our forecast.</li><li>However, it beat China funds ’ expectation and strongly beat foreign funds’expectation, thus driving today’s sector rally.</li><li>Looking at March, we expect even stronger March data (positive sales YoY) as 1) MTD sales of 30 major cities already recorded 24% growth YoY. 2) Our sales leading indicator GAIN was one of the highest in Feb, indicating very promising March. 3) Recent channel check in major cities suggests sales momentum to continue on stabilized property price and historically low mortgage rate. </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.

NBS 2M23 sales value came flattish YoY, in line with our forecast.However, it beat China funds ’ expectation and strongly beat foreign funds’expectation, thus driving today’s sector rally.Looking at March, we expect even stronger March data (positive sales YoY) as 1) MTD sales of 30 major cities already recorded 24% growth YoY. 2) Our sales leading indicator GAIN was one of the highest in Feb, indicating very promising March. 3) Recent channel check in major cities suggests sales momentum to continue on stabilized property price and historically low mortgage rate. 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 – NBS 2M23 data: Strong as expected

<ul><li>We saw another week of strong property data where new home/secondary home sales went up 23%/12% WoW.</li><li>This is in line with our sales leading index GAIN and our upgrade report that sales is more sustainable than what market thinks.</li><li>The solid housing recovery has also accelerated housing construction activities that its construction resumption rate recovered to 84.1%, higher than 2022 already, and only slightly lagging behind the infrastructure (87.3%) and government projects (88.2%). </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 saw another week of strong property data where new home/secondary home sales went up 23%/12% WoW.This is in line with our sales leading index GAIN and our upgrade report that sales is more sustainable than what market thinks.The solid housing recovery has also accelerated housing construction activities that its construction resumption rate recovered to 84.1%, higher than 2022 already, and only slightly lagging behind the infrastructure (87.3%) and government projects (88.2%). 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 – Property+ Weekly: Sales momentum accelerated on lower tier cities

<ul><li>Despite lagging construction activity, property sales started to pick up post-CNY, again correctly predicted by our leading indicator GAIN.</li><li>In particular, new home sales in 30 cities narrowed YoY decline to -21% post-CNY vs. -25% pre-CNY (vs. the similar period in 2022).</li><li>Existing home market is seeing much stronger momentum with sales in 9 major cities +38% YoY post-CNY vs. +15% YoY preCNY.</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.

Despite lagging construction activity, property sales started to pick up post-CNY, again correctly predicted by our leading indicator GAIN.In particular, new home sales in 30 cities narrowed YoY decline to -21% post-CNY vs. -25% pre-CNY (vs. the similar period in 2022).Existing home market is seeing much stronger momentum with sales in 9 major cities +38% YoY post-CNY vs. +15% YoY preCNY.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 – Property+ Weekly: Hopes Are Returning Post-CNY

<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

China

Agile Group Holdings Limited is a Chinese conglomerate primarily engaged in property development, property management, and diversified businesses including property construction, environmental protection, and hotel operations. The company also provides intelligent home and decoration services, commercial management, and city sanitation. It was founded in 1992 and is headquartered in Guangzhou, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Agile Group (3383 HK)

Central Bank Vows Further Mortgage Easing to Support Housing

China’s central bank pledged to step up mortgage easing to support homebuyers, signaling further efforts to bolster the ailing property...

Caixin Global

China Property Sector – NBS 2M23 data: Strong as expected

NBS 2M23 sales value came flattish YoY, in line with our forecast. However, it beat China funds ’ expectation and strongly beat foreign...

CMB International

China Property Sector – Property+ Weekly: Sales momentum accelerated on lower tier cities

This is in line with our sales leading index GAIN and our upgrade report that sales is more sustainable than what market thinks.

CMB International

China Property Sector – Property+ Weekly: Hopes Are Returning Post-CNY

Despite lagging construction activity, property sales started to pick up post-CNY, again correctly predicted by our leading indicator GAIN.

CMB International

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)