One week market review
This week, the Shenwan real estate index rose 1.64%, the Shanghai and Shenzhen 300 index fell 1.06%, and the relative income was 2.7%. The performance of the sector was stronger than the market.
Industry fundamentals
This week (04.01-04.07), a total of 29561 first-hand houses were sold in 58 key cities tracked by West China real estate group, with a year-on-year growth rate of – 60.4% and a month on month growth rate of – 42.1%; The total transaction area was 2.987 million square meters, with a year-on-year growth rate of – 61% and a month on month growth rate of – 43%.
This week (04.01-04.07), a total of 9987 second-hand houses were sold in 16 key cities tracked by West China real estate group, with a year-on-year growth rate of – 41.5% and a month on month growth rate of – 35.7%; The total transaction area was 1.003 million square meters, with a year-on-year growth rate of – 39.7% and a month on month growth rate of – 34.5%.
This week (04.01-04.07), the inventory area of commercial housing in 17 key cities tracked by West China real estate group was 197855000 square meters, with a month on month growth rate of 0%, and the decontamination cycle was 103.8 weeks.
This week (03.28-04.03), in terms of land supply, 32.388 million square meters of land were supplied this week, with a year-on-year growth rate of – 30.8%; The average supply price was 3690 yuan / m2, with a year-on-year growth rate of – 13.3%. In terms of land transactions, 17.363 million square meters of land were traded this week, with a year-on-year growth rate of – 9.7%; The land transaction amount was 42.01 billion yuan, with a year-on-year growth rate of 21%.
This week (04.01-04.07), real estate enterprises issued a total of 4.5 billion yuan of credit bonds, with a year-on-year growth rate of – 75.3% and a month on month growth rate of – 65.8%. Real estate collective trusts issued a total of 4.94 billion yuan, with a year-on-year growth rate of – 78.1%, a month on month growth rate of 339%, and an average income of 7.8%.
Investment advice
This week, according to the data of China Index Research Institute, 110 million square meters of residential land was launched in 300 cities in China in the first quarter, a year-on-year decrease of 42.0%, and the absolute scale was the lowest level in the same period since 2013; The turnover of residential land was 70 million square meters, a year-on-year decrease of 59.6%; The transaction premium rate was only 4.4%. On April 1, Lanzhou issued several measures for Lanzhou city to implement the strategy of strengthening the provincial council and further optimize the business environment (No. 1), reducing the threshold for individuals to buy housing. The minimum down payment ratio for individuals to buy the first set of housing through commercial banks and provident fund loans shall not be less than 20%, and the minimum down payment ratio for the second set of housing shall not be less than 30%. Lishui City, Zhejiang Province, issued the new property market policy. The maximum amount of double deposit employees was adjusted from 500000 yuan to 700000 yuan, and the maximum amount of single deposit employees was adjusted from 250000 yuan to 350000 yuan. The minimum down payment ratio of employees who apply for housing provident fund loans for the first time to buy their own houses will be reduced to 20%. The term of housing provident fund loan is adjusted from “no more than 20 years” to “no more than 30 years”.
At present, the valuation of the real estate sector has increased slightly, with strong performance certainty and high dividends. We highlight Vanke, the leading real estate company with strong performance certainty. We highlight Vanke A, Tsingtao Brewery Company Limited(600600) Tsingtao Brewery Company Limited(600600) 48 . Relevant beneficiary objects include Vanke A, Longhu group, China Jinmao, poly property, green city services, etc.
Risk tips
Sales were lower than expected, and the real estate regulation policy was tightened
