汇丰银行-中国-房地产行业-中国房地产：政策冲击降低了风险偏好-20170925-hsbc-china real estate：policy shock amid unrelenting bullishness brings lower risk appetite

《汇丰银行-中国-房地产行业-中国房地产：政策冲击降低了风险偏好-20170925-hsbc-china real estate：policy shock amid unrelenting bullishness brings lower risk appetite》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、25September2017ChinaRealEstateEQUITIESREALESTATEPolicyshockamidunrelentingbullishnessbringslowerriskappetiteChinaOvertheweekend,localgovernmentsintroducedanotherMichelleKwok*roundofpolicycontrolsoverhousingre-salesHeadofRealEstateResearch,AsiaPacificTheHongkongandShanghaiBankingCor

2、porationLimitedmichellekwok@hsbc.com.hkTimingofthenewpolicies(aheadofthe19thPartyCongress+85229966918nextmonth)sendsaclearsignalaboutthegovernment’sJizhouDong*,CFAAnalyststance;expectationsofpotentialpolicyrelaxationwipedoutTheHongkongandShanghaiBankingCorporationLimitedjizhou.dong@hsb

3、c.com.hkReiterateourcautioustoneonChina’spropertysectorAlbertTam*AssociateExpectationsofpolicyrelaxationwipedoutamidanewroundofmeasuresTheHongkongandShanghaiBankingCorporationLimitedalbert.p.h.tam@hsbc.com.hktargetedatcontrollinghousingre-sales.Overtheweekend,sixcitiescameoutwith+85228

4、224395anotherroundofpolicycontrols,whichrestricthomere-sales,includingChongqing,SimonSin*Nanchang,Nanning,Changsha,Guiyang,andShijiazhuang.HomeownersareAssociategenerallyprohibitedfromre-sellingtheirhomeswithin2-5yearsafterobtainingrealTheHongkongandShanghaiBankingCorporationLimitedsimo

5、n.k.c.sin@hsbc.com.hkestatecertificates.Xi’anandWuhanalsointroducedcoolingmeasuresonhousing+85229966514ASPsanddevelopers’salesactivities.Thenewmeasuresaretargetedatfurtherenhancingmarketcontroltopreventspeculationinthehousingmarket,inourview.*Employedbyanon-USaffiliateofHSBCSecurities(U

6、SA)Inc,andisnotregistered/qualifiedpursuanttoFINRAregulationsTimingofthenewpoliciessendsaclearmessagethatthegovernmentwillkeepatightgriponthehousingmarket.Whileourviewisthatthepolicyenvironmentshouldremainunchanged,wecontendthetimingofthenewpoliciesissomewhatsurprising,giventhe19thParty

7、Congressisscheduledfornextmonth.Inourview,thisnewroundofmeasuresprovidesaclearindicationthatthegovernmentwillcontinuetocloselymonitordevelopmentsinthehousingmarketandthatcitieswithpersistentlystronghomepricegrowthwillbeunderscrutiny.Indeed,NBSdatashowsthatcitiesthathaveimplemen