＜Research＞HSBC Global Research: Strong MoM Growth of Jun CN Home Sales Reflects Positive Impact of May Policy Ann

　　HSBC Global Research noted in a report that it was surprised by the speed of recovery in China's property market and continued to believe that the recovery in second-hand transactions would gradually spread to the primary market, with a sharp MoM increase in domestic sales in June reflecting the positive impact of the policy announcements made in May.

　　CHINA OVERSEAS (00688.HK) +0.400 (+2.954%) Short selling $19.73M; Ratio 25.791% , CHINA RES LAND (01109.HK) +1.300 (+4.896%) Short selling $39.01M; Ratio 33.937% and YUEXIU PROPERTY (00123.HK) +0.018 (+0.363%) Short selling $946.03K; Ratio 3.175% outperformed the industry based on preliminary market sales data. The broker believed the strong momentum should help ease market concerns about the effects of policy easing, and expected new property sales to recover in 2H. Property prices in the Mainland are still recovering, but may remain under pressure for the time being.

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　　HSBC said positive progress in financing for domestic property companies reaffirmed its constructive view that the sector is improving its credit environment and addressing tail risks. The broker is bullish on developers with strong state-owned enterprise backgrounds that can continue to replenish their land banks, have high exposure to first-tier cities and a good reserve of high-end projects.

　　HSBC rated COLI, CR LAND, GREENTOWN CHINA (03900.HK) +0.200 (+3.257%) Short selling $848.34K; Ratio 10.145% and YUEXIU Buy. The broker is also bullish on KE Holdings (BEKE.US) , believing that the company is expected to benefit from higher revenue in both primary and secondary markets.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-28 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)