China's New Home Sales Improve, But Recovery Not Here Yet -- Market Talk

Dow Jones12-17

0325 GMT - China's new home sales data showed some improvement in November but that won't prompt a recovery in the property sector, Daiwa analyst William Wu writes in a note. November data showed the first monthly growth of 2024, with sales value and volume both rising on the year, he adds. The improvement is likely due to the impact of supportive policies, stronger sentiment and year-end promotions, Wu says. Still, slower new project starts and investment show continued skepticism among developers, he notes. Daiwa doesn't see the improvement as signaling recovery for the property sector, Wu adds. It names China Resources Land and China Overseas Land & Investment as its sector picks. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

December 16, 2024 22:25 ET (03:25 GMT)

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Still, slower new project starts and investment show continued skepticism among developers, he notes. Daiwa doesn't see the improvement as signaling recovery for the property sector, Wu adds. It names China Resources Land and China Overseas Land &amp; Investment as its sector picks. 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