汇丰银行-中国房地产-china real estate phoenix citiesexhibit strengthened pricing power-20170718-hsbc

《汇丰银行-中国房地产-china real estate phoenix citiesexhibit strengthened pricing power-20170718-hsbc》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、18July2017ChinaRealEstateEQUITIESREALESTATE“Phoenixcities”exhibitstrengthenedpricingpowerChinaTheNBSreleasedthelatestJunehomepricedatathisMichelleKwok*HeadofRealEstateResearch,ASPmorning,withabroadlystabilisedASPtrendintier1citiesTheHongkongandShanghaiBankingCorporationLimitedmich

2、ellekwok@hsbc.com.hk+85229966918However,lowertiercities’ASPcontinuedtooutperformthatofAlbertTam*toptiercities,withnotablestrengthinour“phoenixcities”AssociateTheHongkongandShanghaiBankingCorporationLimitedShimaoandCOLI,bothBuy,havethemostupsidetoourtargetalbert.p.h.tam@hsbc.com.hk+85

3、228224395prices;ourconvictionstockisLongfor(Buy)SimonSin*AssociateTheHongkongandShanghaiBankingCorporationLimitedSignsofstrengthenedpricingpowerin“phoenixcities”.InJune,wepublishedsimon.k.c.sin@hsbc.com.hkChinaRealEstate:Catchingphoenixes,5June2017,wherewehighlightedthat+85229966514sel

4、ectedsmallercitiescalled“phoenixcities”aresettoleadanewphaseofhome*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andispricegrowthinChina,asmigration-drivendemandspillsoverfromlargenotregistered/qualifiedpursuanttoFINRAregulationsmetropolises.Encouragingly,thelatesthomepricedatarel

5、easedthismorningisclearlypointingtomoreresilientpricingpowerinlowertiercities,particularlyin“phoenixcities”.AccordingtoSoufun,theASPin“phoenixcities”isup5.3%YTD(throughJune),whichisaheadoftheaveragegrowthrateof4.2%forthebasketof100-citieswetrackand1.2%growthfortier1cities.Among“phoenix

6、cities”,wehighlightthathomepricegrowthYTDisparticularlystronginsixofthe20“phoenixcities”,namelyZhenjiang(13.1%),Zhongshan(13.1%),Changzhou(11.6%),Ningbo(10.6%),Foshan(10.5%)andQingdao(10.2%).Physicalmarketmomentuminselectedtier2/3citiesremainsinthelimelight.Incontrasttotherestrainedphy

7、sicalmarketmomentumintoptiercities,theNationalBureauofStatistics(NBS)datareleasedthismorningcontinuedtoshowstrengtheneddynamicsinlowertiercities,wheretheprimaryASPrecordedanincreaseof0.7%m-o-mand9.6%y-o-y,respectively.Indeed,homepriceperformancehasshowngreatdivergenceacrossdifferentc