Domestic housing and property management stocks fell sharply in early trading. As of press release, Wanwuyun (02602) fell 10.4% to HK$17.24; Xincheng Yue Service (01755) fell 8.03% to HK$2.52; Sunac China (01918) fell 4.65% to HK$1.23; and Vanke Enterprise (02202) fell 4.24% to HK$6.1.
The Zhitong Finance App learned that domestic housing and property management stocks fell sharply in early trading. As of press release, Wanwuyun (02602) fell 10.4% to HK$17.24; Xincheng Yue Service (01755) fell 8.03% to HK$2.52; Sunac China (01918) fell 4.65% to HK$1.23; Vanke Enterprise (02202) fell 4.24% to HK$6.1.
According to the news, Open Source Securities pointed out that the sales market was lackluster during the Spring Festival. The bank tracked a year-on-year decline in the two-week transaction area of new homes in 64 cities and second-hand housing in 17 cities. The land transaction area changed from positive to negative year over year, and the transaction premium rate increased month-on-month in week 7. Although new and second-hand housing transactions were sluggish during the Spring Festival, the steady growth policy was implemented at an accelerated pace. It is expected that the real estate policy will continue to be relaxed in the future, and there is still room to release demand for home purchases. Megacities are actively and steadily advancing the transformation of urban villages, and it is expected that more countercyclical adjustment measures will be implemented at an accelerated pace.
Guotai Junan Securities previously indicated that after experiencing a rebound in December last year, real estate sales continued to decline in January. According to Kerry's data, in January 2024, the total sales amount of the top 100 real estate companies dropped sharply by 36.0% year on year, and the sales area fell 39.8% year on year. Compared with the previous month's data, the decline in sales data was even more obvious. The bank pointed out that third- and fourth-tier cities are no longer the main markets for real estate sales during the Spring Festival; although first-tier cities have enacted new policies, demand for home purchases can only be gradually released after the Spring Festival. Therefore, it is believed that real estate sales data for February may not be as exciting as expected. It is expected that real estate sales may only gradually stabilize starting in March 2024.