CLSA Sees Upgrading Demand in Shanghai Housing Market; Raises TP on CHINA RES LAND , CHINA JINMAO and YUEXIU PROPERTY
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CLSA reports that Shanghai's housing market is experiencing an upgrade in demand, with increased transaction volumes for mid-priced units. The reliance on low-priced units has decreased, and secondary home prices rose 0.4% MoM in May. CLSA raised target prices for CHINA RES LAND, CHINA JINMAO, and YUEXIU PROPERTY, citing improved affordability and stable inventory. The new target prices are HKD42.4 for CHINA RES LAND, HKD2.43 for CHINA JINMAO, and HKD5.5 for YUEXIU PROPERTY, all rated as Outperform. CLSA's top pick is CHINA RES LAND.
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