--- title: "Bank of America Securities expects that more proactive domestic real estate policies will be introduced in March and April, optimistic about RunDi and China Overseas, among others" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/271872040.md" description: "Bank of America Securities expects that China's real estate policies will become more proactive before March and April, believing this will bring investment opportunities. Although the transaction volume in the new and second-hand housing markets will be close to the bottom, it is expected that the transaction volume of new homes will decline by 5% to 6%. Bank of America Securities is optimistic about companies such as CHINA RES LAND and CHINA OVERSEAS, maintaining a \"underperform\" rating on companies like Country Garden Services, and lowering the target price for domestic property stocks by 12%. If policy adjustments occur, the sector's price-to-earnings ratio may expand" datetime: "2026-01-08T03:09:07.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/271872040.md) - [en](https://longbridge.com/en/news/271872040.md) - [zh-HK](https://longbridge.com/zh-HK/news/271872040.md) --- > 支持的语言: [English](https://longbridge.com/en/news/271872040.md) | [繁體中文](https://longbridge.com/zh-HK/news/271872040.md) # Bank of America Securities expects that more proactive domestic real estate policies will be introduced in March and April, optimistic about RunDi and China Overseas, among others Bank of America Securities published a research report stating that it maintains a non-consensus positive outlook on the Chinese real estate industry, as it expects that under increasing pressure and with investor positions still relatively low, policy-making by relevant authorities will become more proactive, leading to contrarian investment opportunities. Bank of America Securities predicts that in the physical market, the combined transaction volume of new and second-hand homes will approach the bottom, with national new home transaction volume/value expected to decline by 5% to 6% and 8% to 9%, respectively. The price decline in the second-hand housing market will slow down after prices revert to 2015 levels, and without policy intervention, it may take until the end of 2026. Additionally, the recent mention of discussions on the real estate market in the Chinese Communist Party's official publication "Qiushi" has also strengthened the bank's confidence, anticipating the introduction of more proactive real estate policies (especially mortgage subsidies) before March and April. While waiting for a policy turning point, Bank of America Securities is optimistic about companies with strong execution capabilities such as CHINA RES LAND (01109.HK), CHINA OVERSEAS (00688.HK), and Jianfa International Group (01908.HK); it also expects CHINA RES MIXC LIFE (01209.HK) to benefit from any consumer stimulus measures; it has upgraded Wanwu Cloud (02602.HK) to "Neutral," as its worst-case scenario seems to be reflected in the stock price, and if its controlling stake shifts to Shenzhen Metro, it will bring positive event-driven opportunities. Due to weak fundamental prospects, it maintains an "Underperform" rating on Country Garden Services (06098.HK), Poly Developments (600048.SH), and China Merchants Shekou (001979.SZ). Assuming no policy changes, Bank of America Securities has lowered its median earnings per share forecast for domestic property stocks for 2025 to 2027 by 8%, and expects earnings for the fiscal year 2025 to decline by 20%. It still anticipates that earnings and profit margins will rebound in 2027 due to order delays, but the rebound will be lower than expected after weak performance in the second half of 2025. Based on weaker earnings prospects and/or the decline in net asset value of non-state-owned enterprises (especially Vanke Enterprises (02202.HK)), the bank has lowered the target price for domestic property stocks by 12%. If policy adjustments occur, the sector's price-to-earnings ratio may expand, and there is expected upward potential for pre-sale amounts/forward earnings (fiscal year 2028). For Bank of America Securities' ratings and target prices for the aforementioned real estate companies, please refer to the attached table ### 相关股票 - [CHINA OVERSEAS (00688.HK)](https://longbridge.com/zh-CN/quote/00688.HK.md) - [WANJIAGROUP RTS (02925.HK)](https://longbridge.com/zh-CN/quote/02925.HK.md) - [CHINA RES LAND (01109.HK)](https://longbridge.com/zh-CN/quote/01109.HK.md) ## 相关资讯与研究 - [Guotai Haitong Remains a Buy on China Overseas Land & Investment (CAOVF)](https://longbridge.com/zh-CN/news/281677296.md) - [Mainland China, Hong Kong premium office supply to peak as demand lags: Cushman](https://longbridge.com/zh-CN/news/281333121.md) - [Clean Max Fully Prepays ₹499-Crore Listed Debentures Ahead of Schedule](https://longbridge.com/zh-CN/news/281580900.md) - [Sunny Optical Tech final dividend of 120.60 HK cents per share](https://longbridge.com/zh-CN/news/281054134.md) - [US Interior Department says to reduce staff through deferred resignation, early retirement](https://longbridge.com/zh-CN/news/281576863.md)