China Property_ Long Way Home; New Constraints in the Path to Stabilize in ‘25E

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 07 Jan 2025 05:49:04 ET │ 38 pages China Property Long Way Home; New Constraints in the Path to Stabilize in '25E CITI'S TAKE Protracted policy; prolonged recovery — We expect structural decline in REI, starts & completions to widen in '25E and sales & price decline to narrow. We believe policies are in right direction of cutting supply & destocking but a few constraints in '25E. New home supply at 20-year low; risk-reward not justified for new builds — 1) '24E land s ...