China Property_ Nov NBS_ Widen Completion_REI Decline; Weak Starts; Less Price Drop (1)

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 downside to new home market size (resi GFA so ...