External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

China Real estate / Thematic (Sector/Industry)

<ul>
<li>A series of policies on both the demand and financing side have been rolled out recently including purchase limit relaxation in Guangzhou, MOHURD’s financing coordination mechanism and PBOC/CBIRC’s loosening on operational property loans.</li>
<li>We believe the policy package should boost property sales after the CNY but only bring a ST positive effect on the sector’s stock performance given the core issues causing fundamental challenges remain unresolved: 1) residents’ purchasing power has not seen significant improvement, and 2) financial institutions’ unchanged risk assessment standards make it difficult for developers to obtain incremental financing.</li>
<li>Thus we think the key areas to watch are 1) macro economic recovery; and 2) whether regulators provide guidance on risk assessment standards for financial institutions or if there’s innovation in financing cooperation methods for developers. </li>
</ul>
<p><em>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.</em></p>


A series of policies on both the demand and financing side have been rolled out recently including purchase limit relaxation in Guangzhou, MOHURD’s financing coordination mechanism and PBOC/CBIRC’s loosening on operational property loans.
We believe the policy package should boost property sales after the CNY but only bring a ST positive effect on the sector’s stock performance given the core issues causing fundamental challenges remain unresolved: 1) residents’ purchasing power has not seen significant improvement, and 2) financial institutions’ unchanged risk assessment standards make it difficult for developers to obtain incremental financing.
Thus we think the key areas to watch are 1) macro economic recovery; and 2) whether regulators provide guidance on risk assessment standards for financial institutions or if there’s innovation in financing cooperation methods for developers. 

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 - 29 Jan 2024