One week market review
This week, the Shenwan real estate index rose 0.57%, the Shanghai and Shenzhen 300 index rose 2.23%, and the relative income was – 1.66%. The performance of the sector was weaker than the market.
Industry fundamentals
This week (05.13-05.19), a total of 42120 first-hand houses were sold in 58 key cities tracked by West China real estate group, with a year-on-year growth rate of – 49.1% and a month on month growth rate of – 10.8%; The total transaction area was 4.363 million square meters, with a year-on-year growth rate of – 46.9% and a month on month growth rate of – 7.7%. This week (05.13-05.19), a total of 15109 second-hand houses were sold in 16 key cities tracked by West China real estate group, with a year-on-year growth rate of – 25% and a month on month growth rate of – 8.9%; The total transaction area was 1426000 square meters, with a year-on-year growth rate of – 27.9% and a month on month growth rate of – 7.8%. This week (05.13-05.19), the inventory area of commercial housing in 17 key cities tracked by West China real estate group was 199411000 square meters, with a month on month growth rate of – 0.5%, and the decontamination cycle was 117.2 weeks.
This week (05.09-05.15), in terms of land supply, 47.691 million square meters of land were supplied this week, with a year-on-year growth rate of 53.4%; The average supply price was 1504 yuan / m2, with a year-on-year growth rate of – 40.3%. In terms of land transactions, 34.439 million square meters of land were traded this week, with a year-on-year growth rate of 6.5%; The land transaction amount was 126.86 billion yuan, with a year-on-year growth rate of 58.1%.
This week (05.13-05.19), real estate enterprises issued a total of 8.9 billion yuan of credit bonds, with a year-on-year growth rate of – 38% and a month on month growth rate of 1012%. This week (05.13-05.19), real estate collective trusts issued a total of 1.96 billion yuan, with a year-on-year growth rate of – 91.3%, a month on month growth rate of 39.5% and an average income of 7.72%.
Investment advice
This week, on May 20, the central bank authorized the national interbank lending center to announce that the quoted interest rate (LPR) of the loan market was 3.7% for one-year term and 4.45% for more than five-year term. On May 19, Yinchuan released the opinions on the implementation of the virtuous circle and healthy development of the real estate industry. The number of individuals who purchase houses and the main body of the purchase are not limited by the registered residence. The minimum down payment ratio for the first set of housing is reduced to 20%, the minimum down payment ratio for the second set of housing is reduced to 30%, and the maximum amount of housing reserve loan is increased to Shanghai Pudong Development Bank Co.Ltd(600000) yuan. On the 20th, according to the notice on adjusting the loan amount of the second set of housing provident fund purchased by using the housing provident fund for the first time in Nanjing, the maximum loan amount of the second set of housing provident fund purchased by using the housing provident fund loan for the first time was adjusted to 500000 yuan / person and 1 million yuan / household for both husband and wife.
At present, the regulatory policies of the real estate industry continue to relax, the sector valuation is expected to be further repaired, and the performance is relatively stable. We mainly recommend leading real estate enterprises with strong performance certainty China Vanke Co.Ltd(000002) , Poly Developments And Holdings Group Co.Ltd(600048) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , Hangzhou Binjiang Real Estate Group Co.Ltd(002244) , Xuhui holding group, as well as country garden service, China Merchants Property Operation & Service Co.Ltd(001914) , xinchengyue service, Xuhui Yongsheng service, New Dazheng Property Group Co.Ltd(002968) and Nacity Property Service Group Co.Ltd(603506) . Relevant beneficiary objects include Gemdale Corporation(600383) , Longhu group, Greentown China, China overseas development, poly property, Greentown services, etc.
Risk prompt sales were less than expected, and the real estate regulation policy was tightened.
