汇丰：中国房地产-第二日考察总结，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]. - There are clear signs of market bottoming, as evidenced by busy sales offices and solid project sell-through rates, despite macroeconomic uncertainties [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, particularly in tier-1 and tier-2 cities [2]. - Successful policy implementations, such as in Xiamen, have effectively reduced property purchasing costs through vouchers and subsidies [2]. Sales and Pricing Strategies - Site visits revealed high engagement levels among sales managers and a non-aggressive pricing strategy from developers, contributing to solid sell-through rates [3]. - Despite low mortgage rates (3.15% for first homes) and a downpayment requirement of 15%, buyers are cautious about leveraging due to macro 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" for their strong performance in the luxury and upgrader segments [4][19]. - KE Holdings (BEKE US, target price USD26.30) is also favored for its market share gains in both primary and secondary markets [4][19].