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<Research>TF Securities: Sales of Top 100 CN Developers Slip 11.4% YoY in May w/ LONGFOR GROUP/ CHINA VANKE Plunging 26%+/ 52%+ YoY
Recommend 58 Positive 90 Negative 53 |
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Chinese developers suffered from a hefty selloff this morning (2nd). LONGFOR GROUP (00960.HK)/ CHINA VANKE (02202.HK)/ CHINA OVERSEAS (00688.HK)/ CHINA RES LAND (01109.HK) slid by 7.1%/ 6.6%/ 4.2%/ 5.1%. According to TF Securities' research report on China's property sector, the May sales data released by CRIC for the top 100 Chinese developers showed a MoM uptick but a widened YoY decline. Those top 100 developers achieved monthly sales of RMB294.58 billion in May, up 3.5% MoM but down 11.4% YoY, with the drop deepening by 2.7 ppts compared to April. The report also pointed out that CHINA OVERSEAS and GREENTOWN CHINA (03900.HK) maintained steady sales, and that state-owned and central SOEs showed a clear sales advantage. Among central SOEs, CHINA OVERSEAS/ CHINA RES LAND/ CHINA JINMAO (00817.HK) saw their May sales +21.1%/ -11.4% +72.3% YoY. CHINA JINMAO and CHINA OVERSEAS delivered standout performances. Regarding local SOEs, C&D INTL GROUP (01908.HK) and YUEXIU PROPERTY (00123.HK) logged -2.4%/ -4.4% YoY. As for leading non-SOEs, GREENTOWN CHINA/ LONGFOR GROUP (00960.HK)/ CHINA VANKE (02202.HK) saw +13.5%/ -26.2%/ -52.5%. AAStocks Financial News |
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