海外地产周报：新房销售有待改善

Investment Rating - The report maintains a positive outlook on quality state-owned real estate management companies, emphasizing their stable performance and generous dividends [30]. Core Insights - The real estate sector is experiencing a divergence in stock price performance, with top gainers including China Overseas Development, Jianfa International, and Jindi Shangzhi, which saw increases of +6.6%, +2.8%, and +1.2% respectively [4][6]. - The report highlights that state-owned enterprises (SOEs) in the real estate sector are maintaining robust financial health, with smooth land acquisition and sales, ensuring stable performance and dividends [29][30]. - Recent policy adjustments are expected to support the healthy development of the real estate industry, including the establishment of a real estate financing coordination mechanism and adjustments to purchase restrictions in major cities [29][30]. Summary by Sections Market Overview - The Hong Kong stock market showed mixed performance, with the Hang Seng Index up by 1.10% and the Hang Seng Real Estate Index down by 0.03% during the week [6][7]. - Year-to-date stock performance for major real estate companies has varied significantly, with CIFI Holdings, Jindi Shangzhi, and China Overseas Development showing year-to-date changes of 5.9%, -10.7%, and -12.8% respectively [4][6]. Policy Developments - The report notes several supportive measures from the government aimed at revitalizing the real estate market, including the establishment of a financing coordination mechanism and adjustments to housing purchase policies in cities like Guangzhou, Shanghai, and Shenzhen [29][30]. - The report anticipates further policy measures to support both supply and demand in the real estate sector [29][30]. Company Recommendations - Recommended quality real estate companies include China Resources Land, China Overseas Development, Greentown China, and Yuexiu Property for real estate, and China Resources Vientiane Life, China Overseas Property, Poly Property, and Yuexiu Services for property management [30]. - The report also suggests leading construction management company Greentown Management Holdings and real estate transaction service platform Beike as additional investment opportunities [30].