Changes in Hong Kong stocks | Domestic housing stocks fell again, and the impact of the 828 New Deal gradually showed market concerns about the impact of existing housing sales on the size and ROE of housing enterprises

The Zhitong Finance App learned that domestic housing stocks fell again. As of press release, Sunac China (01918) fell 3.91% to HK$0.615; R&F Real Estate (02777) fell 2.75% to HK$0.177; C&D International Group (01908) fell 2.23% to HK$12.28; and Xincheng Development (01030) fell 0.68% to HK$1.455.

According to the news, Ping An Securities pointed out that the real estate sector was first suppressed and then boosted, and the impact of the 828 New Deal gradually became apparent. Investors are mainly concerned about the impact of existing housing sales on the scale and ROE of housing enterprises. On the one hand, sales repayment delays due to existing housing sales, which means that the sales scale that can be maintained with the same own capital may shrink; on the other hand, scale contraction means a decline in revenue and a decline in total asset turnover. Under the premise that other factors remain unchanged, corporate ROE is also facing a decline.

The bank believes that due to changes in sales and financing systems, short-term industry business models and housing enterprise investment models are facing adjustment and restructuring, and there may be a painful period. However, in the medium to long term, while reducing delivery risks, existing housing sales help guide housing enterprises to improve operation and product strength. They pay more attention to project quality rather than sales scale. Housing enterprises with strong capital strength, outstanding operation and management capabilities, and capable of creating high-premium products are expected to expand their advantages.