HK Stock Market Move | BEKE-W(02423) rose more than 4% during trading, October real estate sales data improved, and the scale and penetration of second-hand housing transactions continued to increase.

BEKE-W(02423) rose more than 4% during trading hours, as of the time of writing, it has risen by 3.61% to HKD 53.15 with a turnover of HKD 353.03 million. On the news front, the National Bureau of Statistics released data on investment and sales of commercial housing from January to October 2024. From January to October, the sales area of commercial housing in the country was 779 million square meters, a year-on-year decrease of 15.8% (17.1% in September), with the sales area of commercial residential housing decreasing by 17.7% year-on-year; the sales amount of commercial housing from January to October was RMB 76.9 trillion, a year-on-year decrease of 20.9% (22.7% in September), with the sales amount of commercial residential housing decreasing by 22.0% year-on-year. In October, the sales area and sales amount of commercial housing decreased by 1.6% and 1.0% respectively year-on-year, with the monthly decline narrowing for the third consecutive month, marking the smallest decline since May 2023. Guohai Securities pointed out that since the end of September, real estate policies have continued to be relaxed, and both monetary and fiscal policies have continued to reduce the cost of home buying. As a result, sales data for October improved as expected, with the smallest monthly decline since the "mini spring" of 2023, and a noticeable improvement in sales receipts in the funded capital for real estate enterprises. According to Wind data, the transaction volume of new and second-hand homes in first-tier cities remained high in the first two weeks of November, with the cumulative decline in sales narrowing throughout the year. After the full release of policy effects, sales data for November are expected to be promising. The bank pointed out that the scale and penetration rate of second-hand housing transactions continue to increase, and the future prospects of the real estate after-sales service market are broad.