The Zhitong Finance App learned that domestic housing stocks opened high across the board at the beginning of the market, and the sector collectively declined after opening. As of press release, Greentown China (03900) fell 13.1% to HK$6.6; Sunac China (01918) fell 5.19% to HK$0.64; and Xincheng Development (01030) fell 4.81% to HK$1.385.
According to news, on August 28, various departments such as the Ministry of Housing and Construction, the Central Bank, and the General Administration of Financial Supervision intensively introduced new real estate policies. Huatai Securities pointed out that while the pre-sale system implemented for nearly 30 years has withdrawn from the historical stage, the project company system, host banking system, and a series of financial support systems will accelerate the real estate industry's progress towards a new model. The bank believes that the reform of the sales system may restructure the business model of housing enterprises. The industry will shift from being driven by capital with high leverage and high turnover to being driven by management that emphasizes quality and operation, and the differentiation of housing enterprises may accelerate.
Ping An Securities released a research report saying that although the improvement of the commercial housing sales system and the introduction of supporting policies may have a certain impact on the supply of new housing in the industry and the turnover and repayment speed of housing enterprise projects in the short term, we believe that as the short-term listing of new homes decreases and the new credit policy boosts demand for home purchases, it may facilitate the elimination of housing companies' stocks of new homes being sold; at the same time, under the current housing sales model, there are no delivery concerns, compounding their quality advantages. Compared with the premium or expansion of second-hand housing, it is expected that the overall profitability of the project will increase.