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1、24July2017ChinaRealEstateEQUITIESREALESTATEPhoenixcitiesthespotlightinrentalmarketpushCHINAThegovernmenttargetstwelvecitiesinitslatestpushtowardsMichelleKwok*therentalmarket,halfofwhichareinthephoenixcitiesHeadofRealEstateResearch,AsiaPacificTheHongkongandShanghaiBankingCorporationLim
2、itedmichellekwok@hsbc.com.hkDemographictrendsandoursenseontenants’profileimply+85229966918littleimpacttohomepurchasedemandAlbertTam*AssociateTheHongkongandShanghaiBankingCorporationLimitedOurthesisonthephoenixcitiesisunchanged–migration-albert.p.h.tam@hsbc.com.hk+85228224395drivenhousing
3、demandtodrivefuturehomepricetrendsSimonSin*AssociateAnotherpushtowardspromotingtherentalhousingmarket.Lastweek,MinistryTheHongkongandShanghaiBankingCorporationLimitedsimon.k.c.sin@hsbc.com.hkofHousingandUrban-RuralDevelopment(MOHURD)releasedanoticetopromote+85229966514rentalhousingdevelopm
4、entinmajorcitieswithpopulationinflows.TheMOHURDshortlisted12pilotcities,includingGuangzhou,Shenzhen,Nanjing,Hangzhou,*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisnotregistered/qualifiedpursuanttoFINRAregulationsXiamen,Wuhan,Chengdu,Shenyang,Hefei,Zhengzhou,FoshanandZhaoqing,whe
5、rethegovernment-runrentalhousingtransactionplatformwillbeestablishedtobetterregulatetherentalmarket.Thenoticealsocitedidleandcommercialunitscouldbeconvertedintorentalunitstoincreasesupplyinthemarket.Coincidentally,phoenixcitiesareunderthespotlight.Thepushtowardstherentalmarketisn’tnew,asth
6、eStateCouncilhasissuedacircularonthistopicinJune2016.Thelatesteffortistargetedatcitieswithstrongpopulationinflow.Specifically,sixoutofthetwelvecitiesoffocusarephoenixcitieswehaveidentifiedaskeybeneficiariesofstrongmigration-drivenhousingdemand.Thecomfortingfactisthatthegovernmentappearstos
7、hareasimilarviewthatthesecitiesarewellpositionedtoenjoymoresustainable,longer-termhousingdemand;hence,theneedtodivertbuyerstotherentalmarketsoastopreventafurtherruninpropertyprices.Phoenixcities–ourthesisremainsunchanged.Whilethereislimiteddataontenants’profil