摩根大通：中国房地产市场_来自上海、深圳和广州的反馈

Investment Rating - The report indicates an overall positive sentiment towards Hong Kong Property with specific stocks rated as Overweight (OW) such as China Resources Land, China Overseas Land, and Swire Properties [15][19]. Core Insights - There is strong interest in Hong Kong Property, particularly among onshore investors seeking stocks with yields greater than 5% and dividend certainty. Swire Properties is highlighted as the most enquired stock, followed by Henderson Land and Hang Lung Properties [1][4]. - In contrast, the sentiment towards Mainland China Property remains cautious, with investors skeptical about the effectiveness of new policy support to revive the housing market. The focus is on tactical trades, with CR Mixc, CR Land, and KE Holdings being the most sought-after names [1][7]. Summary by Sections Hong Kong Property - Investors are primarily interested in stocks yielding over 5%, with Swire Properties (~6% yield) and Henderson Land (~7% yield) being the most attractive options. SHKP is often screened out due to its lower yield [4][5]. - There is a notable shift in investor focus from Mainland China to Hong Kong, with discussions now predominantly centered on Hong Kong Property [1]. Mainland China Property - Investors express low expectations for effective policy support, believing that any new measures will not significantly impact the housing market. The focus remains on companies like CR Mixc, which is viewed as a proxy for improving consumption in China [7][9]. - There is growing interest in small and mid-cap state-owned enterprises (SOEs), with C&D and Greentown China being highlighted as attractive options [7][9].