海外地产周报：核心城市土地市场火热

Investment Rating - The industry investment rating is "Recommended (Maintain)" [2] Core Insights - The report highlights a strong performance in the real estate sector, particularly in Hong Kong local stocks, with notable companies such as New World Development (+4.5%), Link REIT (+0.7%), and Hang Lung Group (+0.4%) showing positive trends [4][5] - The report emphasizes the support from the central government for the real estate market, including measures to lower reserve requirements and interest rates, aimed at stabilizing the market and promoting healthy development [4][43][44] - The report recommends several companies for investment, including Beike, Greentown China, China Resources Land, China Overseas Development, Yuexiu Property, and Longfor Group, as well as property management firms like China Resources Vientiane Life, Greentown Service, and Poly Property [4][45] Market Overview - The report notes that the cumulative sales area in 30 major cities reached 5.06 million square meters in March 2025, representing an 8.8% increase year-on-year [36] - The report provides insights into the performance of various sectors, with property management companies like Jin Ke Service (+9.3%), Country Garden Services (+1.0%), and Binjiang Services (+0.8%) performing well [12][13] Company Performance - The report details the performance of key companies, with Beike reporting a net income of 93.5 billion yuan for 2024, a 20.2% increase year-on-year, despite a 30.8% decrease in net profit [41] - The report also highlights the performance of Hong Kong local stocks, with companies like Kerry Properties and Swire Properties showing slight declines, while others like New World Development and Link REIT showed gains [6][7][8] Policy Support - The report discusses the unprecedented policy support for the real estate sector, including a combination of measures aimed at stabilizing the market and addressing public concerns regarding housing [43][44][45] - The central economic work conference reiterated the importance of stabilizing the real estate market and preventing risks, indicating that more supportive policies are expected in the future [4][44]