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China & Hong Kong Equities Higher, Property Top Performing Sector

ASIA STOCKS

Hong Kong and China equity markets are trading higher this morning. The Hang Seng China Enterprises Index rose as much as 1.8%, driven by gains in electric vehicle and property stocks, with Li Auto and Xpeng among the top performers following positive sales data for June. Property developers like Longfor Group and China Overseas Land and Investment also surged on better-than-expected June home sales. In mainland China, the CSI 300 is up slightly by 0.08%, supported by increased sales of existing homes in Shanghai and Beijing, as recent property easing measures take effect.

  • Hong Kong equities are higher today, as they return from a break Monday. Property is the best performing sector after yesterday the top 100 developers returned a 36%m/m increase in sales, however it should be noted that sales are still down y/y, the Mainland Property Index is up 4.76%, while the HS Property Index is up 3%. In the tech space, HSTech Index is up 1% underperforming the wider markets largely due to slightly softer prices in the US overnight, while the wider HSI is up 1.48%.
  • China equity markets are slightly higher today, the CSI300 is up 0.10%, while small-cap indices the CSI 1000 up 0.15% and the CSI 2000 up 0.67% outperform the growth focus ChiNext which is trading down 0.26% and finally after surging 5.75% yesterday the CSI 300 Real Estate Index is up another 0.50% today.
  • The property market in China shows signs of recovery, with sales of existing residential properties in Shanghai reaching 26,374 units in June, marking a 41% increase from the previous month and the highest monthly transaction in three years. This surge follows the city's measures to lower downpayments and offer cheaper mortgages in late May. Beijing also saw a rise in existing-home sales, with nearly 15,000 units sold in June, the highest in 15 months, representing a 12% month-on-month increase and a 29% year-on-year rise. However, in the new-home market, while homebuyer visits have increased in Shanghai, actual transaction volumes have not yet picked up noticeably.
  • Looking to next week, Tuesday we have Hong Kong Retail Sales, Wednesday we have Caixin China PMI composite & Services.
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