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CN Real Estate Stocks Rally, as UBS Turns Positive on Sector; LONGFOR, COLI Lead Blue-chip Gainers List
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UBS voiced its optimism about the Chinese property market, while there are rumours that home purchase restrictions will be lifted in some areas of Shenzhen after May 1. Mainland property stocks have gained momentum. HSI once hiked 443 points to 17,728 in the afternoon, and was last printed at 17,683, lifting 398 points or 2.31%, with the main board turnover at $96.6 billion. LONGFOR GROUP (00960.HK) and CHINA OVERSEAS (00688.HK) topped the blue-chip gainers list, LONGFOR peaked at $11.04 and trades now at $10.92, rocketing 11.43%. COLI logged a high at $14.12, and is now trading at $14.06, surging 8.99%. CHINA RES LAND (01109.HK) also spiked more than 6% and now stands at $27.7. Several domestic real estate stocks logged over 10% growth in their share price. According to reports, CIFI HOLD GP (00884.HK) has been receiving funds for projects on the financing whitelist, with 24 projects to complete in 1Q. CIFI trades now at $0.295, soaring 13.46%. GREENTOWN CHINA (03900.HK) trades now at $5.94, surging 11.24%. SEAZEN (01030.HK) anchors now at $1.24, spiking 10.71%. SUNAC (01918.HK) stands now at $1.14, skyrocketing 16.33%. John Lam, head of China and Hong Kong property research at UBS, who predicted EVERGRANDE (03333.HK)'s default three years ago, commented that the Chinese housing sector is now poised for a slow recovery. With sales and property price declines expected to slow this year, demand that has been suppressed for nearly three years would return, and residential demand and supply would revert to historical averages next year. Mainland real estate firms with diversified and large portfolios may therefore see a share price rebound. AAStocks Financial News |
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