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<Research>JPM: SH's Easing of Property Mkt Purchase Restrictions Expected; Top Picks CHINA RES LAND/ CHINA RES MIXC/ CHINA JINMAO
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JPMorgan released a research report noting that Shanghai introduced a new round of favorable home purchase policies yesterday (25th), including easing home purchase restrictions for non-locals by shortening the requirement for social security/tax proof for areas outside the outer ring from three years to one year, and allowing residents with three years of tax proof in areas outside the outer ring to buy an additional unit, etc.. The broker believed that these measures are not surprising and that Shanghai's easing is stronger than the similar measures in Beijing last December. It is expected that Shanghai's trading volume and prices will stabilize in the next 1-2 months. However, JPMorgan did not believe that this policy alone will lead to a sustainable recovery in China's real estate market, and the next city to ease restrictions will be Shenzhen. JPMorgan's top picks are CHINA RES LAND (01109.HK), CHINA RES MIXC (01209.HK) and CHINA JINMAO (00817.HK). However, the broker believed that CHINA OVERSEAS (00688.HK) could catch up as it has been a laggard. AASTOCKS Financial News Website: www.aastocks.com |
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