HSBC Research: Even If CN Home Developers Resume Placements, Unlikely to End Current Rally; Favors CHINA RES LAND and C&D INTL GROUP
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HSBC Research reports a 24% rebound in the CN Home sector, raising concerns about potential share placements by developers. While not a base-case scenario, opportunistic financing is likely due to equity re-rating. The sector is now led by financially sound state-owned and resilient private enterprises. HSBC favors CHINA RES LAND and C&D INTL GROUP for their strong earnings visibility and project pipelines, believing that any placement activities will not halt the current rally, especially with the upcoming peak season for new home sales.
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