房地产行业事件快评：4月观察-存量去化，政府收储

Investment Rating - The industry investment rating is "Increase" [3] Core Insights - In April, national sales data showed a widening decline, with housing prices under continued pressure. The sales amount and area of commercial housing fell by 30.4% and 22.8% year-on-year, respectively, compared to a decline of 25.9% and 18.3% in March, indicating ongoing market adjustments [2] - The unsold area reached a historical high of 750 million square meters, with residential properties accounting for 390 million square meters. This inventory is expected to be a primary target for future government purchases [2] - The completion and new starts of residential projects saw a significant narrowing of decline, while development investment continued to be affected by a decrease in land acquisition. The land acquisition to sales ratio for the top 100 real estate companies was 0.16, with nearly 70% of companies not acquiring land in the first four months [2] - The report recommends focusing on two ends: core targets such as Poly Developments, China Merchants Shekou, and China New Group, and restructuring targets benefiting from companies like CIFI Holdings and Sunac China [2] Summary by Sections Sales Data - April's national sales data showed a year-on-year decline of 30.4% in sales amount and 22.8% in sales area, with the top 50 real estate companies experiencing a 47% drop in sales amount [2] Housing Prices - Housing prices in 70 major cities continued to decline, with first-tier cities seeing a month-on-month decrease of 0.6%, and second and third-tier cities declining by 0.5% and 0.6%, respectively [2] Unsold Inventory - The unsold area reached 750 million square meters, with residential properties making up 390 million square meters, indicating a significant supply of existing homes [2] Development Investment - The decline in residential project completions and new starts has narrowed significantly, while development investment continues to be impacted by reduced land acquisition [2] Recommendations - The report suggests focusing on core companies and restructuring targets to navigate the current market conditions [2]