Equity Research in HK and Mainland China

Li Tang

Thematic (Sector/Industry)

<ul>
<li>Following the repeated calls for stability of the economy and the housing market, local governments are stepping up support.</li>
<li>More cities cut the down-payment ratio for the first home buyers</li>
<li>In 2022 we expect a nuanced policy response to the downturn in the housing market:</li>
</ul>


Following the repeated calls for stability of the economy and the housing market, local governments are stepping up support.
More cities cut the down-payment ratio for the first home buyers
In 2022 we expect a nuanced policy response to the downturn in the housing market:


<ul>
<li>Big six state-owned banks cut mortgage rates in Guangzhou city</li>
<li>More cities have seen new home prices rise, according to data from the NBS report</li>
<li>Some cities cut downpayment ratios for the first home buyers</li>
</ul>


Big six state-owned banks cut mortgage rates in Guangzhou city
More cities have seen new home prices rise, according to data from the NBS report
Some cities cut downpayment ratios for the first home buyers


Policy Flexibility May Dictate China Property Direction

<ul>
<li>Relevant government departments have reportedly issued opinions on the supervision of presales funds</li>
<li>Property lending dropped YoY in January despite adequate liquidity in last month</li>
<li>We think policy support is still inadequate and should step up in the real estate sector on the demand-side</li>
</ul>


Relevant government departments have reportedly issued opinions on the supervision of presales funds
Property lending dropped YoY in January despite adequate liquidity in last month
We think policy support is still inadequate and should step up in the real estate sector on the demand-side


China Plan Easing Rules on Presales Funds Held in Escrow

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>
Cover Story: State insurance boss’s capital games in Hong Kong
</li>
<li>
BlackRock unit gets green light to join personal pension trial in China
</li>
<li>
China’s sales of land-use rights plunge, squeezing local government budgets
</li>
</ul>



Cover Story: State insurance boss’s capital games in Hong Kong


BlackRock unit gets green light to join personal pension trial in China


China’s sales of land-use rights plunge, squeezing local government budgets



CX Daily: State Insurance Boss’s Capital Games in Hong Kong

<ul>
<li>Some developers have been informed by banks that M&amp;A loans will not be counted in the "three red lines" if these loans are used for takeovers of insolvent companies' projects</li>
<li>Stronger state and private developers will be given funding support for project-level M&amp;A</li>
<li>The impact of credit policy plus local level policy shifts will be continued</li>
</ul>


Some developers have been informed by banks that M&amp;A loans will not be counted in the "three red lines" if these loans are used for takeovers of insolvent companies' projects
Stronger state and private developers will be given funding support for project-level M&amp;A
The impact of credit policy plus local level policy shifts will be continued


Developers Informed by Banks that M&A Loans Are Excluded from Three Red Lines

China

China Vanke Co., Ltd. operates real estate development businesses.  The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses.

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

China Vanke (000002 CH)

China Cities Start Cutting Down-Payments

In terms of the investment impact, we expect the home market recovery to continue to be differentiated by region and developer

Li Tang

Policy Flexibility May Dictate China Property Direction

We see a short-term opportunity to buy high-quality, low leveraged developers in advance of further calibrated policy support.

Li Tang

China Plan Easing Rules on Presales Funds Held in Escrow

Recovery of the real estate sector is still reliant on the demand side, which should take longer to recover as people wait for policy support and...

Li Tang

CX Daily: State Insurance Boss’s Capital Games in Hong Kong

Cover Story: State insurance boss’s capital games in Hong Kong, BlackRock unit gets green light to join personal pension trial in China...

Caixin Global

Developers Informed by Banks that M&A Loans Are Excluded from Three Red Lines

We maintain our view that state-backed developers would take the advantage to obtain quality assets and gain market share, of which our recommends

Li Tang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)