汇丰银行-中国房地产-china real estate：phoenix cities the spotlight in rental market push-20170724-hsbc

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1、24July2017ChinaRealEstateEQUITIESREALESTATEPhoenixcitiesthespotlightinrentalmarketpushCHINAThegovernmenttargetstwelvecitiesinitslatestpushtowardsMichelleKwok*therentalmarket,halfofwhichareinthephoenixcitiesHeadofRealEstateResearch,AsiaPacificTheHongkongandShanghaiBankingCorporationLim

2、itedmichellekwok@hsbc.com.hkDemographictrendsandoursenseontenants’profileimply+85229966918littleimpacttohomepurchasedemandAlbertTam*AssociateTheHongkongandShanghaiBankingCorporationLimitedOurthesisonthephoenixcitiesisunchanged–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