Group 1 - The core viewpoint of the article indicates that Chinese property stocks continue to decline, with specific companies like R&F Properties, Sunac China, and others experiencing significant drops in their stock prices [1] - Standard & Poor's forecasts a year-on-year decline in new home sales in China by 8%, estimating sales to be between 8.8 trillion to 9 trillion RMB, which is a larger drop than the previously predicted 3% in May [1] - The report suggests that if demand stabilizes in first-tier cities, it could help sustain a recovery in demand, with expectations of a further decline in sales by 6% to 7% next year and a decrease in first-hand property prices by 1.5% to 2.5% [1] Group 2 - Shenwan Hongyuan predicts that the performance of property companies will remain under pressure in the third quarter, primarily due to continuous sales declines since 2021 leading to decreased settlements [1] - The impact of previous price cuts and promotions is expected to affect profit margins negatively, but there is an expectation for a weak recovery in the sector's performance between 2025 and 2026 as companies reach a bottom in profitability and asset impairments are cleared [1] - The report also notes that performance differentiation among companies is likely to intensify further [1]
内房股继续走低 标普称今年新屋销售额跌幅超预期 三季度房企业绩仍将承压