Main points
Market Review
Last week (April 18-april 22, 2022), the Shanghai Composite Index fell 3.87%, the Shanghai and Shenzhen 300 index fell 4.19%, and the real estate sector fell 9.20%. The real estate sector lost 5.33 percentage points to the Shanghai Composite Index and 5.02 percentage points to the Shanghai and Shenzhen 300 index. The decline of 35. Focus on the decline of all H-share real estate companies, with Hejing Pacific Group (1813. HK) (down 12.53%), time China Holdings (1233. HK) (down 18.48%) and Yuzhou group (1628. HK) (down 18.46%).
Industry news
The first batch of centralized supply sites in Nanjing were cold. On April 22, the first batch of centralized land supply in Nanjing this year ended. Of the 20 plots supplied in this batch, 6 were sold and 14 were successfully sold, with a total amount of 19.165 billion yuan. Among them, 8 plots were sold at the base price, and 3 plots “touched the top” entered the lottery link. The main force of land acquisition is large state-owned real estate enterprises, of which Hefei Urban Construction Development Co.Ltd(002208) , Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) and Grandjoy Holdings Group Co.Ltd(000031) harvest two plots respectively.
In 2022, the first batch of centralized land supply in Ningbo transferred 33 parcels of land, with a total transfer area of 1708 mu. In 2022, the first batch of centralized land supply in Ningbo was launched. A total of 33 land parcels were sold this time, with a total transfer area of 1708 mu, a total construction area of 2.555 million m3 and a total starting price of 25.04 billion yuan. Including 9 rental housing land, 4 resettlement housing land and 20 residential, commercial and residential land.
Investment advice
The credit environment still needs to be improved, the market confidence needs to be continuously repaired, the Matthew effect of capital is prominent, and the enterprises with low financing cost and land acquisition advantage may benefit. The relevant targets: (1) real estate enterprises with low financing cost and can continuously obtain land in the first and second tier cities, such as Poly Developments And Holdings Group Co.Ltd(600048) ( Poly Developments And Holdings Group Co.Ltd(600048) . SH), Greentown China (3900. HK), Longhu group (0960. HK), Hangzhou Binjiang Real Estate Group Co.Ltd(002244) ( Hangzhou Binjiang Real Estate Group Co.Ltd(002244) . SZ), Huafa Industrial Co.Ltd.Zhuhai(600325) ( Huafa Industrial Co.Ltd.Zhuhai(600325) . SH) Cinda Real Estate Co.Ltd(600657) ( Cinda Real Estate Co.Ltd(600657) . SH), etc; (2) Leading enterprises in the property management industry and enterprises that layout high-quality segments of the property management industry, such as Country Garden Service (6098. HK), Xincheng Yue service (1755. HK), China Resources Vientiane life (1209. HK) and Xingsheng business (6668. HK).
Risk tips
Tightening of real estate regulation policies; Real estate sales fell short of expectations.
