According to BofA Securities' research report, Chinese property managers have snowballed more than 20% YTD, and the valuation recovery period is expected to have already ended. With the industry fundamentals remaining under cautious scrutiny, the broker lowered its earnings forecasts for a number of property managers and predicted that earnings growth would slow to single digits.

Based on valuation, BofA Securities downgraded POLY PPT SER (06049.HK)  -0.050 (-0.143%)    Short selling $1.71M; Ratio 6.683%   from Buy to Neutral and CHINA OVS PPT (02669.HK)  0.000 (0.000%)    Short selling $2.41M; Ratio 6.212%   from Neutral to Underperform, with target prices raised to HKD37 and HKD5.5, respectively. It is projected that CHINA OVS PPT's forecasted dividend yield this year would reach only 3.6%, the lowest in the industry.

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Meanwhile, GREENTOWN SER (02869.HK)  -0.040 (-0.835%)    Short selling $3.08M; Ratio 8.416%   's rating was upgraded from Underperform to Neutral, with a target price lifted from HKD3.8 to HKD5. Its high-end brand is believed to align with the market's demand differentiation trend.

Among the Chinese property managers rated by BofA Securities, only CHINA RES MIXC (01209.HK)  +0.100 (+0.274%)    Short selling $36.52M; Ratio 21.998%   was given a Buy rating. The broker estimated it to maintain double-digit earnings growth and a 100% payout ratio, with a dividend yield expected to hit around 5%. Its target price was set at HKD44.

In contrast, BofA Securities rated CG SERVICES (06098.HK)  -0.010 (-0.154%)    Short selling $12.79M; Ratio 14.143%   as Underperform, with the target price slightly lifted from HKD6 to HKD6.1.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-01 16:25.)