HK Stock Market Move | Mainland property stocks fall across the board as September new home transaction volume decline widens; developers' cash flow to come under pressure under the completed-home sales system.
Mainland property stocks fell across the board. As of press time, R&F Properties (02777) fell 7.05% to HK$0.211; China Overseas Grand Oceans Group (00081) fell 6.75% to HK$2.765; Sunac China (01918) fell 4.63% to HK$0.515; C&D International Group (01908) fell 3.65% to HK$12.67.
Mainland property stocks fell across the board. As of press time, R&F PROPERTIES (02777) dropped 7.05% to HK$0.211; CH OVS G OCEANS (00081) fell 6.75% to HK$2.765; SUNAC (01918) declined 4.63% to HK$0.515; C&D INTL GROUP (01908) dropped 3.65% to HK$12.67.
On the news front, data from the National Bureau of Statistics showed that new home sales area fell 20.7% year-on-year in September, with the decline widening by 5.9 percentage points from August; cumulative sales area for January-September fell 13.2% year-on-year. Huayuan Securities stated that September data showed: the year-on-year decline in new home sales area widened, but second-hand home transactions bucked the trend to maintain positive growth; the year-on-year decline in home prices narrowed, with some core cities turning positive year-on-year and posting consecutive month-on-month gains; development investment decline widened, with starts and completions still weak.
Huatai noted that under the completed-home sales system, developers' upfront capital occupation rises, and short-term cash flow remains under pressure; however, policy offsets such as declining financing costs, expansion of securitization channels like REITs, and installment payments for land and tax fees are expected to cushion the impact of the system transition, and developers with healthy finances and smooth financing channels will gain larger market share.
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