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MARKET COMMENT: China Developers Up; Haitong Prefers Commercial Plays

04/02/2013 | 12:05am US/Eastern

0349 GMT [Dow Jones] Mainland developers are rebounding and outperforming the flat HSI, as the local implementation details of the central government's property curing measures were taken largely as milder than expected. "Overall, the municipal governments' measures are not as harsh as we expected, in particular, we did not see stringent enforcement details in regards to the levying of a 20% personal income tax on property transactions," Haitong International says. That being said, the house adds that the new measures will adversely affect the property market and sentiment, causing home buyers to stay on the sideline; it expects property transaction volume and ASP to slow down in the coming 2-3 months and may start to stabilize in 2H13. "Under this tightening environment, we prefer companies with commercial property exposure such as SOHO China (0410.HK), Hui Xian REIT (>> Hui Xian Real Estate Investment Trust) and companies which focus on the mass market such as Evergrande (3333.HK)." Blue-chip developers China Overseas Land (0688.HK) and China Resources Land (1109.HK) are both up about 1.0%. (robert.li@dowjones.com)

 
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Stocks mentioned in the article : Hui Xian Real Estate Investment Trust
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