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 data in 7M24 weakened as the market expected. REI decline widened to - 10.2% from -10.1% in 6M24.</li><li>In terms of monthly data in July, the decline in REI widened by 0.7ppt to -10.8% from -10.1% in June while both GFA under construction and land purchase costs performed better (affected c.90% of total REI) with their declines only widened 0.1ppt and narrowed 4.7ppt respectively.</li><li>We estimate the worse REI data may be caused by material price declines that resulted in lower construction cost per sqm under construction (Figure 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.

NBS data in 7M24 weakened as the market expected. REI decline widened to - 10.2% from -10.1% in 6M24.In terms of monthly data in July, the decline in REI widened by 0.7ppt to -10.8% from -10.1% in June while both GFA under construction and land purchase costs performed better (affected c.90% of total REI) with their declines only widened 0.1ppt and narrowed 4.7ppt respectively.We estimate the worse REI data may be caused by material price declines that resulted in lower construction cost per sqm under construction (Figure 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.

Property - NBS 7M24: REI Decline Widened but Its Components All Performed Better, Why?

<ul><li>Guangzhou's latest policy eases home purchasing restrictions for foreigners, aiming to invigorate the market.</li><li>Post price cap removal, higher-tier cities are experiencing fervent bidding, while lower-tier cities have lagged behind, underscoring the market bidding mechanism’s role in fostering supply-demand equilibrium.</li><li>High-frequency data reveals that new home sales volume has dipped from June’s peak, yet the secondary market holds firm. Daily avg. transactions for new home sales in 30 major cities have seen a 21% decline, vs. an 11% increase for secondary sales in 17 cities. </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.

Guangzhou's latest policy eases home purchasing restrictions for foreigners, aiming to invigorate the market.Post price cap removal, higher-tier cities are experiencing fervent bidding, while lower-tier cities have lagged behind, underscoring the market bidding mechanism’s role in fostering supply-demand equilibrium.High-frequency data reveals that new home sales volume has dipped from June’s peak, yet the secondary market holds firm. Daily avg. transactions for new home sales in 30 major cities have seen a 21% decline, vs. an 11% increase for secondary sales in 17 cities. 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 - Weekly Highlight: Downside Pressure in Jul-Aug

<ul><li>Beijing further relaxed its property policy by cutting down payment ratio by 10- 15ppt and mortgage rate by 30-55 bps (Figure 9), aligning with that in SH and SZ.</li><li>This was well expected by market and our previous report. Based on our policy relaxation timetable, we think BJ, SZ and SH still have room to relax on purchase restrictions.</li><li>High-frequency data suggests a more pronounced recovery near the end of June, mainly driven by the combined effects of policy incentives, centralized online registration in mid-year and the low base. </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.

Beijing further relaxed its property policy by cutting down payment ratio by 10- 15ppt and mortgage rate by 30-55 bps (Figure 9), aligning with that in SH and SZ.This was well expected by market and our previous report. Based on our policy relaxation timetable, we think BJ, SZ and SH still have room to relax on purchase restrictions.High-frequency data suggests a more pronounced recovery near the end of June, mainly driven by the combined effects of policy incentives, centralized online registration in mid-year and the low base. 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 - Weekly Highlight: Beijing Further Relaxed, Policy Easing Bore Fruit in Shanghai

<ul><li>NBS data in 5M24 weakened as market expected.</li><li>The REI decline widened to -10.1% from -9.8% in 4M24 given stagnant land purchases and new starts.</li><li>The GFA completion decline narrowed on a low base but the scale was still the lowest since Jun-22 given less funding support for “home delivery”. </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 data in 5M24 weakened as market expected.The REI decline widened to -10.1% from -9.8% in 4M24 given stagnant land purchases and new starts.The GFA completion decline narrowed on a low base but the scale was still the lowest since Jun-22 given less funding support for “home delivery”. 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 - NBS 5M24: REI continued weakening, sales structure remained skewed to higher-tier cities

<ul><li>Shanghai, Guangzhou and Shenzhen have stepped up their policy relaxation efforts on two dimensions including purchase restrictions and the mortgage loan.</li><li>By analysing the policy timeline and specifics in four cities, we think Beijing still has room for policy relaxation in both dimensions.</li><li>We believe that 1) policy easing may provide a marginal stimulus to property sales as it has indeed unlocked the eligibility of a certain range of potential buyers. </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.

Shanghai, Guangzhou and Shenzhen have stepped up their policy relaxation efforts on two dimensions including purchase restrictions and the mortgage loan.By analysing the policy timeline and specifics in four cities, we think Beijing still has room for policy relaxation in both dimensions.We believe that 1) policy easing may provide a marginal stimulus to property sales as it has indeed unlocked the eligibility of a certain range of potential buyers. 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 - Weekly highlight: Awaiting more positive signs on property sales

China

Binjiang Service Group Co. Ltd. provides comprehensive property management and related services across the People's Republic of China. Its core services include security, cleaning, gardening, repair, and maintenance for residential and non-residential properties, alongside value-added services for both property owners and non-property owners. The company was founded in 1995 and is headquartered in Hangzhou, China.

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Binjiang Service Group (3316 HK)

Property - NBS 7M24: REI Decline Widened but Its Components All Performed Better, Why?

In terms of monthly data in July, the decline in REI widened by 0.7ppt to -10.8% from -10.1% in June while both GFA under construction and land...

CMB International

Property - Weekly Highlight: Downside Pressure in Jul-Aug

For stocks, we recommend asset-light companies benefiting from the existing market such as CR MixC, Poly Services, Binjiang Services, Onewo, BEKE...

CMB International

Property - Weekly Highlight: Beijing Further Relaxed, Policy Easing Bore Fruit in Shanghai

Beijing further relaxed its property policy by cutting down payment ratio by 10- 15ppt and mortgage rate by 30-55 bps (Figure 9), aligning with...

CMB International

Property - NBS 5M24: REI continued weakening, sales structure remained skewed to higher-tier cities

NBS data in 5M24 weakened as market expected. The REI decline widened to -10.1% from -9.8% in 4M24 given stagnant land purchases and new starts.

CMB International

Property - Weekly highlight: Awaiting more positive signs on property sales

Shanghai, Guangzhou and Shenzhen have stepped up their policy relaxation efforts on two dimensions including purchase restrictions and the mortgage...

CMB International

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