海外地产行业周报：地产板块继续回调

Investment Rating - The report maintains a neutral investment rating for the real estate sector, indicating a performance in line with the relevant market indices [5][35]. Core Insights - The real estate sector has experienced a general decline, with the Hang Seng Real Estate Index dropping by 2.68% this week and 17.60% year-to-date [6][7]. - The report highlights a shift in policy towards supporting the real estate market, including measures to lower down payment ratios and remove mortgage rate floors [2][26]. - The performance of leading real estate companies has shown significant divergence, with state-owned enterprises maintaining stable financial conditions and dividend payouts, while many private firms have reported substantial losses [26][27]. Summary by Sections Market Overview - The Hang Seng Index decreased by 2.28%, while the Hang Seng Real Estate Index fell by 2.68% during the week of July 22-28, 2024 [6][7]. - The top three companies in terms of weekly stock performance were Midea Real Estate (+5.0%), Shenzhen Holdings (-1.1%), and Greentown China (-1.7%) [4][6]. Policy Changes - The central government has introduced policies aimed at optimizing the real estate market, including the April 30 Politburo meeting's emphasis on "digesting stock and optimizing increment" [2][26]. - Recent measures include the establishment of a real estate financing coordination mechanism and adjustments in housing purchase policies in major cities [26][27]. Company Performance - Year-to-date stock performance for leading companies shows Midea Real Estate (+39.7%), CIFI Holdings (+11.8%), and New Town Development (+8.7%) leading the market [4][6]. - The report recommends quality state-owned real estate management companies, including China Resources Land and China Overseas Development, as well as property management firms like China Resources Mixc Life and Poly Property [27]. Trading Activity - The report notes an increase in the proportion of shares held by Hong Kong Stock Connect for Vanke Enterprises, Yuexiu Property, and CIFI Holdings [13]. - The most short-sold companies included Vanke Enterprises, with a short ratio of 13.6% of total shares [17]. Industry Dynamics - The report indicates a significant decline in sales volume in major cities, with a 16.0% year-on-year decrease in cumulative sales area for July [30]. - The performance of property management companies has shown a mixed trend, with some companies like Jinmao Services and Greentown Services reporting substantial year-to-date gains [10][12].