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<Research>Citi Predicts Any Rebound Among CN Developers This Mth to Last Only Short While; Top Picks CHINA JINMAO/ C&D INTL GROUP/ CHINA RES LAND
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Although the December CCP Politburo meeting didn't mention the real estate industry, the Central Economic Work Conference revealed some details related to this aspect, including steadily resolving the risks in key areas, focusing on stabilizing the real estate market, and encouraging inventory purchases for affordable housing, according to a report from Citi.

In Citi's estimate, any policy-driven stock price rebound in December 2025 will likely be short-lived, as sales are likely to remain weak in 4Q25 and household confidence will improve only marginally before price expectations change.

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Citi's top picks are CHINA JINMAO (00817.HK), C&D INTL GROUP (01908.HK), and CHINA RES LAND (01109.HK). Details of its ratings and target prices for Chinese developers are available in a separate table.
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