Outlook for Chinese Property Developers Still Seems Dim -- Market Talk

Dow Jones2023-12-14

0717 GMT - Chinese real-estate developers are unlikely to deliver any sustainable share-price outperformance until it is more clear if property sales will trough in the next few quarters, Nomura analysts say. They expect more policy follow-up to slightly support property sales and some private developers' financing needs in the next few months. This could include relaxing home-purchase curbs in parts of Beijing and Shanghai, and commercial banks giving incremental support to high-quality developers like Longfor, analysts Jizhou Dong and Riley Jin say. But that will do little to address the sector's two "crashes"--that of property sales and developers' funding--with bolder moves needed to meaningfully arrest the downward spiral. They stay upbeat on quality state-owned developers like China Overseas Land and solid value-chain players like KE Holdings, and cautious on most privately-owned developers. (fabiana.negrinochoa@wsj.com)

(END) Dow Jones Newswires

December 14, 2023 02:17 ET (07:17 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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