Brokerage morning meeting highlights: Bullish on investment opportunities in the Commercial Property Sector in 2025.
At today's brokerage morning meeting, Guotai HAITONG SEC proposed to prioritize allocation to leading brokerages with significant comprehensive advantages and stronger cross-border asset allocation capabilities; GF SEC believes that the coal price median may decline in 2025, and leading companies are expected to maintain overall stable profitability; HTSC expressed a Bullish outlook on investment opportunities in the Commercial Property Sector for 2025.
SUNAC: 2024 Annual Report
China's Property Market Is Quietly Recovering -- Market Talk
Sunac China Holdings' Winding-Up Petition Hearing Adjourned
Express News | Sunac China - High Court Ordered Hearing of Petition to Be Further Adjourned to 25 August 2025
Express News | Adjournment of Winding-up Petition Hearing
Hong Kong stocks movement | Mainland Real Estate stocks collectively declined, with many stocks falling over 4%. Institutions indicate that Q2 real estate policies tend to support rather than provide strong stimulus.
Mainland Real Estate stocks fell collectively. As of the time of writing, RADIANCE HLDGS (09993) is down 7.22%, priced at 2.7 Hong Kong dollars; GREENTOWN CHINA (03900) is down 5.02%, priced at 9.84 Hong Kong dollars; R&F PROPERTIES (02777) is down 4.63%, priced at 1.03 Hong Kong dollars; RONSHINECHINA (03301) is down 4.4%, priced at 0.239 Hong Kong dollars.
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.