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>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?

<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>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

CIFI Holdings (Group) Co. Ltd. is a prominent Chinese real estate developer primarily engaged in property development, property investment, and property management services, including residential, commercial, and mixed-use properties. The company was founded in Shanghai, China, in 2000.

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CIFI (884 HK)

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

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 – 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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