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>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

<ul><li>Vanke’s H/A shares shed 13%/5% yesterday as another wave of negative news flooded the market.</li><li>The company explained the financing challenge it currently faces during the analyst briefing and we believe the openness should help it gain more assistance.</li><li>Demand-side relaxation continued with BJ and SZ taking small moves while the practical impact might be limited. High-frequency data showed a strong WoW recovery in new home market at the month end while the YoY decline remained deep at -47%.</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.

Vanke’s H/A shares shed 13%/5% yesterday as another wave of negative news flooded the market.The company explained the financing challenge it currently faces during the analyst briefing and we believe the openness should help it gain more assistance.Demand-side relaxation continued with BJ and SZ taking small moves while the practical impact might be limited. High-frequency data showed a strong WoW recovery in new home market at the month end while the YoY decline remained deep at -47%.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: Strong WoW recovery at Mar end, policy relaxation continued

<ul><li>Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with sound fundamentals experienced an uptick.</li><li>We interpret this as an indication that the market is gradually absorbing the information regarding the potential unforeseen impacts of the implementation of financing-side policies – the project whitelist.</li><li>We think the policy intention is to prevent adding new names to the defaulted list and avoid banks to withdraw project funding only based on risk at developers’ group level regardless of project quality, which caused more construction halting. </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.

Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with sound fundamentals experienced an uptick.We interpret this as an indication that the market is gradually absorbing the information regarding the potential unforeseen impacts of the implementation of financing-side policies – the project whitelist.We think the policy intention is to prevent adding new names to the defaulted list and avoid banks to withdraw project funding only based on risk at developers’ group level regardless of project quality, which caused more construction halting. 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 – Which Projects in Whitelist Are More Likely to Obtain Incremental Loans?

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 - 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

Property - Weekly highlight: Strong WoW recovery at Mar end, policy relaxation continued

Vanke’s H/A shares shed 13%/5% yesterday as another wave of negative news flooded the market. The company explained the financing challenge it...

CMB International

China Property – Which Projects in Whitelist Are More Likely to Obtain Incremental Loans?

Last Friday, developer names saw mixed performance. In contrast to speculating on defaulted names previously, it is worth noting that stocks with...

CMB International

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