Hong Kong Stock Market Update: Property stocks are on the rise, with CIFI HOLD GP leading the way with a surge of over 9%. Hangzhou has fully lifted restrictions on the purchase of second-hand homes.
Real estate stocks rose across the board today, with CIFI HOLD GP surging over 9%. Hangzhou has fully lifted restrictions on the purchase of second-hand homes, no longer requiring qualification checks for buyers. This move has restored market confidence, leading to an improvement in the month-on-month sales volume of real estate. However, challenges remain with inventory pressure and depreciation risks.
Zhitong App learned that real estate stocks rose across the board today. As of the time of publication, CIFI HOLD GP (00884) rose by 6.25% to HKD 0.34; LONGFOR GROUP (00960) rose by 3.36% to HKD 11.06; SUNAC (01918) rose by 3.23% to HKD 1.28; and Country Garden Holdings (03383) rose by 2.82% to HKD 0.73.
On the news front, the Hangzhou Real Estate Market Stable and Healthy Development Leading Group Office issued a "Notice on Further Optimizing Real Estate Market Control Measures" today. The notice clearly states the optimization of the second-hand housing purchase restriction policy, removing the qualification review for purchasing second-hand housing within the city. At the same time, it clarifies the optimization of the value-added tax exemption period, unifying the exemption period for individuals selling houses within the city to 2 years.
In addition, Guotai Junan pointed out that starting from the bond guarantee incident of Vanke recently, to Vanke's full repayment of the US dollar bonds as the end, the end of a risk exposure brought market confidence recovery. With the entry into the seasonal peak season and the improvement in sales volume on a month-on-month basis, confidence is also being restored. The bank believes that compared to financial risks, the real pressure in the real estate sector lies in the significant inventory pressure and corresponding devaluation. However, this is an explicit risk that can be alleviated with time or extraordinary policies (such as government repurchases) to release this pressure.