汇丰：中国房地产-第二天考察总结-更多政策助力复苏

Investment Rating - The report assigns a "Buy" rating to CRL, C&D, China Jinmao, and KE Holdings, indicating a positive outlook for these companies in the real estate sector [4][7][19]. Core Insights - The report highlights expectations for more supportive property policies in China to stabilize the housing market recovery, with a focus on tier-1 and tier-2 cities [2][7]. - Observations from site visits suggest a clear indication of market bottoming, with engaged sales teams and solid sell-through rates for projects [3][7]. - The report emphasizes the resilience of luxury projects and the potential for pent-up demand to be released due to lower mortgage rates [2][3]. Summary by Sections Market Dynamics - Centaline's Vice President believes additional policies will be introduced to support the recovery cycle, despite a pullback in April [2]. - Successful case studies, such as Xiamen, demonstrate the effectiveness of property vouchers and home purchase subsidies in reducing purchasing costs [2]. Sales and Pricing Strategies - Sales managers report high engagement levels, with developers adopting unaggressive pricing strategies, leading to solid project sell-through rates [3]. - Home buyers are financially capable but remain cautious due to macroeconomic uncertainties, with an average downpayment ratio of 40% [3]. Stock Recommendations - Preferred stocks include CRL (1109 HK, target price HKD36.30), C&D (1908 HK, target price HKD21.20), and China Jinmao (817 HK, target price HKD1.60), all rated "Buy" [4][19]. - KE Holdings (BEKE US, target price USD26.30) is also highlighted for its market share gains in both primary and secondary markets [4][19].