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China Property Drops On Weak Results

ASIA STOCKS
  • China's residential property slump worsened in August, with new-home sales by the top 100 real estate companies dropping 26.8%y/y to 251b yuan ($35.4 billion), accelerating from July's 19.7% decline. The deepening downturn highlights the limited impact of the May rescue package, as local governments have relaxed price controls to encourage sales, prompting developers to cut prices further.
  • The government is considering allowing local governments to use special bonds to buy unsold homes to stabilize the market. Developers, many of whom are in default, are relying on a sales rebound to avoid liquidation, this news saw property names surge late last week with the Mainland Property Index jumping over 8%.
  • New World Development (-13.5%) expects to post its first annual loss in two decades, up to HK$20 billion ($2.6 billion) for the financial year ending in June the losses have been driven by asset impairments, investment losses, and high interest rates. China Vanke (-3.85%) after the company reported a first-half net loss of 9.85b yuan ($1.4 billion), compared to a profit of 9.87b yuan in the same period last year
  • Mainland Property Index (-3.30%), HS Property Index (-2.15%) & CSI 300 Real Estate (-2.90%).
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