Northbound capital direction | Northbound capital net sell of 7.019 billion. Domestic capital continues to increase its position in MEITUAN-W (03690), selling chip stocks throughout the day.
On April 25th, in the Hong Kong stock market, the northbound capital had a net Sell of 7.019 billion HKD, of which the SH->HK Connect had a net Sell of 2.159 billion HKD, and the SZ->HK Connect had a net Sell of 4.861 billion HKD.
Trending Industry Today: SUNAC Leads Gains In China Mainland Real Estate Stocks
Hong Kong stocks move | Mainland Real Estate stocks surge strongly, RADIANCE HLDGS (09993) skyrocketed over 70%, Institutions are bullish on the recovery of Real Estate.
Mainland Real Estate stocks are surging, as of the time of writing, RADIANCE HLDGS (09993) is up 72.44%, at 3.9 HKD; RONSHINECHINA (03301) is up 13.25%, at 0.265 HKD; R&F PROPERTIES (02777) is up 10.09%, at 1.2 HKD.
The Finger Research Institute: In the first quarter, the average rent for office buildings in key commercial areas of major cities across the country fell by 0.73% month-on-month.
In the first quarter of 2025, the average rental price of office buildings in major commercial areas of key cities nationwide was 4.58 yuan/square meter/day, a month-on-month decline of 0.73%, with the decrease expanding by 0.12 percentage points compared to the fourth quarter of the previous year, and a year-on-year decline of 2.1%.
Housing Market Stalls as Homeowners Struggle to Sell
According to reports, SUNAC (01918) is expected to complete its debt restructuring by the end of this year or the beginning of next year.
Jinwu Financial News | It has been reported that SUNAC (01918) financial advisors informed creditors that they expect to complete a debt restructuring by the end of this year or early next year, urging creditors to support their so-called 'only viable' plan. The report indicated that representatives from Houlihan Lokey pointed out in Thursday's investor conference call that SUNAC expects to continue facing liquidity pressure and headwinds in China's Real Estate Industry, emphasizing that a simple repayment plan is not practical for Overseas creditors, essentially delaying the issue. Additionally, a Hong Kong court is set to hold a liquidation hearing on April 28.
Hong Kong stocks fluctuated | Mainland Real Estate rose in the afternoon. Citigroup stated that the equity ROI is expected to continue improving, and HSBC is Bullish on the structural recovery of the Real Estate market.
Mainland Real Estate stocks rose in the afternoon. As of the time of writing, R&F PROPERTIES (02777) increased by 5.77% to 1.1 HKD; SUNAC (01918) rose by 4.43% to 1.65 HKD; CIFI Holdings (00884) gained 1.69% to 0.241 HKD; SEAZEN (01030) went up by 1.47% to 2.07 HKD.
Citi Says 'Good Time' to Accumulate Chinese Property Stocks
[Brokerage Focus] CITIC SEC believes that the current period is a good policy window for promoting the sale of existing homes.
CITIC SEC stated that the existence of the pre-sale system was originally intended to increase supply and rapidly improve residents' living conditions, which objectively accelerated developers' turnover and helped developers to scale up. Currently, the supply and demand relationship in the Real Estate market has fundamentally changed, and the market foundation for the survival of the pre-sale system (supply not meeting demand) no longer exists. Developers pursuing fast turnover have fallen into a prisoner's dilemma— the industry overall needs to control supply, but if a single developer controls their own supply speed, other companies may achieve a higher ROE due to faster turnover. Once all companies pursue fast turnover, the subjective desire to enhance ROE.
Zhongzhizhi Research Institute: In the first quarter of 2025, the average rent for residences in 50 cities has decreased by a cumulative 0.44%.
The Finger Research Institute published an article stating that in the first quarter of 2025, the average rent for Residences in key cities will see a slight cumulative decline.
Hong Kong stocks movement | SUNAC (01918) rose over 5% during the session, reaching an agreement with several representative creditors on the Overseas debt restructuring plan.
SUNAC (01918) rose over 5% during trading, and as of the time of writing, it is up 5.06%, priced at 1.66 Hong Kong dollars, with a trading volume of 0.547 billion Hong Kong dollars.
Hong Kong Stock Market Morning Report | The Nasdaq Golden Dragon Index rose slightly at the end of the trading session. China United Network Communications' net profit in the first quarter increased by nearly 6% year-on-year.
① The Central Committee of the Communist Party of China and the State Council issued the "Opinions on Implementing the Global Strategy of Free Trade Pilot Zones." ② The State-owned Assets Supervision and Administration Commission of the State Council: Promote central enterprises to strengthen capital coordination to ensure timely payments. ③ The central bank: Enhance the functions of the Renminbi Cross-Border Payment System (CIPS) and its global network coverage. ④ Shanghai carries out the 2025 New Generation General AI Innovation Task to lead key projects, including five directions such as embodied intelligence.
The Central Finger Research Institute: In March, the average price of second-hand Residences in 100 cities decreased by 0.59% month-on-month, and the cumulative decline in the first quarter narrowed on a month-on-month basis.
In March, the second-hand housing market in key cities remained highly active, with the average price of second-hand Residences in 100 cities dropping by 0.59% month-on-month.
In April, the LPR remained unchanged. Industry insiders expect that the policy interest rate cuts in the second quarter will lead to a reduction in the LRR, and there is room for a decrease in mortgage rates within the year.
① Considering the changes in the external economic and trade environment, as well as the trends in the domestic Real Estate market and prices, industry insiders believe that the timing for "selective reductions in reserve requirements and interest rates" in the second quarter has matured, with the possibility of it occurring as early as April. ② The industry determines that the current interest rate cut may reach 30 basis points, similar to the total reduction for the previous year. This indicates that the next substantial policy-driven interest rate cuts will lead to a decrease in the LPR Quote, which in turn will guide the reduction of loan interest rates for businesses and households.
East Money Information Securities: In this cycle, the property market is gradually returning to its residential attribute. Attention should be paid to four main lines of logic.
If Property/A-REIT is regarded as a consumer good, its price logic will align more closely with changes in the purchasing power of different groups. Therefore, the future temperature differences in the housing market among different groups and the subjective differences between micro individuals and macro data may persist in the long term.
Xiangcai Securities: The sales decline in the Real Estate Industry has narrowed year-on-year, and support from the policy level is still needed on the investment side.
It is recommended to focus on two directions: (1) leading real estate companies with land acquisition capabilities and reasonable land reserve layouts, such as Poly Developments and Holdings Group (600048.SH) and (2) leading intermediary Institutions benefiting from the sustained activity in second-hand Trade, such as 5i5j Holding Group (000560.SZ).
Brokerage morning meeting highlights: Focus on sectors benefiting from domestic demand and investment opportunities in new consumer segments.
In today's Brokerage morning meeting, HTSC proposed to focus on investment opportunities in sectors benefiting from domestic demand and new Consumer sub-sectors; China Securities Co.,Ltd. stated that the decrease in Real Estate sales and new starts has significantly narrowed, showing ongoing effectiveness in stabilizing after the decline; Galaxy Securities believes that the coal and electricity regulation ability has been further strengthened, and the reconstruction of the sector's valuation is expected to accelerate.
SUNAC (01918): Agreement reached with several representative creditors on the restructuring plan for Overseas debt.
SUNAC (01918) released an announcement, given the impact of the liquidation petition in January 2025 on the company, while also considering...
Express News | Sunac China - Scope of Restructuring Includes Offshore Debts With Debt Claims of US$9.55 Bln in Aggregate as of 30 June 2025
Express News | Sunac China - Company Is Aware That Creditors Holding More Than US$1 Bln in Aggregate Principal Amount of Debt Have Expressed Support to Restructuring Plan