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<Research>JPM Predicts CN May Introduce Measures to Reduce Home Buying Costs; Top Picks CHINA RES LAND/ CHINA RES MIXC/ Others
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During the recent Central Economic Work Conference, the narrative regarding the real estate market was similar to previous ones, JPMorgan released a research report saying. However, compared to past government meetings, this time there was more emphasis on the property market, showing that stabilizing the property industry remains one of the key tasks in mainland China. Although specific measures were not mentioned at this meeting, JPMorgan believed that the next policy measures may aim to reduce home buying costs (such as mortgage subsidies). Nevertheless, if policymakers do not show a stronger determination to stabilize home prices, it is believed that potential measures may only have a short-term impact on stabilizing trading volume/ prices. Historical data shows that, after government meetings, if related policies are not unexpected, the property sector tends to show an average underperformance of 1%/ 3% within 1/ 5 days, JPMorgan added. The broker's top picks are CHINA RES LAND (01109.HK), CHINA RES MIXC (01209.HK) and CHINA JINMAO (00817.HK). However, it remained cautious about CHINA VANKE (02202.HK). AASTOCKS Financial News Website: www.aastocks.com |
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