中国房地产 - 月度追踪：10 月数据恶化；实体市场或在一季度前持续承压-China Property-Monthly Tracker October Data Worsened; Physical Market May Stay Challenging to 1Q

November 21, 2025 02:49 PM GMT China Property | Asia Pacific M Idea Monthly Tracker: October Data Worsened; Physical Market May Stay Challenging to 1Q Stay defensive and selective: We stay prudent on POEs, but suggest accumulating quality SOEs with alpha opportunities in view of the new investment thesis for 2026. We like CR Land (1109.HK) and C&D (1908.HK) as long-term market consolidators with attractive dividend yields. We also like Seazen (601155.SS) for its robust mall rental and private REIT divestmen ...