China Property_ Nov NBS_ Widen Completion_REI Decline; Weak Starts; Less Price Drop
BSR·2024-12-19 16:37
更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 China Property Expect de-stocking cycle in 2025-27E; sales resilient in Dec but cooler in 1Q25E — Nov sales were more resilient than expected after policies & we expect Dec sales likely posting mild "tail bounce" in T1 & good T2 cities, but potentially cooling down in 1Q25E. We see property destocking cycle & price stabilization could continue in 2025-27E, thus est. continued REI decline in '25E. With new starts and land sales both at new lows since 2005, we see likely further d ...