Equity Research in HK and Mainland China

Li Tang

Highly experienced sell-side analyst with more than ten years of experience in the field of China’s in-depth policy-driven macro research in China (Beijing) .
Covering in equity research in HK and Mainland market mainly real estate, construction,steel sector.
The Ideas generation based on an analysis of China’s future direction and policy decisions fundamental analysis on sector impact, market drivers, timing and scale, combined with quantitative analysis.

China's Real Estate Sector to Be Tightened

Thematic (Sector/Industry)

China Real estate management and development / Thematic (Sector/Industry)

<p>We are still reasonably positive on the outlook for underlying demand for housing amid an uneven economic recovery in which consumer confidence over employment and income prospects is building.Mortgage availability remains good. We believe monetary policy will continue to normalise as the economic recovery continues, even as PBOC ensures sufficient short-term liquidity to manage financial risks.</p>
<ul class="" type="disc">
<li>China New Home prices grew at slowest monthly pace since March of this year</li>
<li>The real estate investment and property sales remained robust In Nov</li>
<li>Developer financing growth accelerated in Nov</li>
<li>30 large cities property sales still relatively strong in Dec, but with regional divergence</li>
<li>Xi'an and Hangzhou city tighten  property control policy by raising  down payment ratio for the second home buyer.</li>
</ul>
<p style="text-align: left;">Top picks: <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd" target="_blank" data-smartkarma-citation="entities:26076:1" rel="noopener">China Vanke (000002 CH)</a> <a href="https://www.smartkarma.com/entities/yango-group-co-ltd" target="_blank" rel="noopener">Yango Group (000671 CH)</a> ,<a href="https://www.smartkarma.com/entities/china-resources-land-ltd" target="_blank" rel="noopener">China Resources Land (1109 HK)</a>, <a href="https://www.smartkarma.com/entities/poly-real-estate-group-co-ltd" target="_blank" rel="noopener">Poly Real Estate Group Co., (600048 CH), </a><a href="https://www.smartkarma.com/entities/shanghai-shimao-co-ltd-a" target="_blank" rel="noopener">Shanghai Shimao Co Ltd A (600823 CH)</a> </p>

We are still reasonably positive on the outlook for underlying demand for housing amid an uneven economic recovery in which consumer confidence over employment and income prospects is building.Mortgage availability remains good. We believe monetary policy will continue to normalise as the economic recovery continues, even as PBOC ensures sufficient short-term liquidity to manage financial risks.

China New Home prices grew at slowest monthly pace since March of this year
The real estate investment and property sales remained robust In Nov
Developer financing growth accelerated in Nov
30 large cities property sales still relatively strong in Dec, but with regional divergence
Xi'an and Hangzhou city tighten  property control policy by raising  down payment ratio for the second home buyer.

Top picks: China Vanke (000002 CH) Yango Group (000671 CH) ,China Resources Land (1109 HK), Poly Real Estate Group Co., (600048 CH), Shanghai Shimao Co Ltd A (600823 CH) 

China Real Estate: Property Sales Growth Turns Positive but Investment Slowed,new Home Prices Cool