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<Research>M Stanley: CN Property Sales Plunge in Aug; Weak Outlook for 4Q Continues
Recommend 5 Positive 10 Negative 6 |
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China's property sales experienced an immense YoY decline in August due to deteriorated construction activities, Morgan Stanley's research report indicated. The broker stayed cautious about the physical market, predicting that the weak sales trend will persist into 4Q due to waning consumer sentiment, increased inventory, and limited policy measures. The National Bureau of Statistics reported a steady drop in housing prices across 70 cities in China, with the primary market down 0.3% MoM in August and the secondary market down 0.6%, including a 0.1% decrease in the primary market and a 1% downfall in the secondary market in T1 cities. Morgan Stanley maintained a defensive strategy, recommending continued holding of SOEs with good visibility: consumption beneficiaries - CHINA RES LAND (01109.HK) and CHINA RES MIXC (01209.HK); high dividend yielders - C&D INTL GROUP (01908.HK). AASTOCKS Financial News Website: www.aastocks.com |
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