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2026-09-28 12:35:54 JPM released a research report saying that investors in the mainland property and Hong Kong property sectors are mainly focusing on three key themes this week, including expectations for mainland policy easing before National Day, the market response to REIT Connect, and market reaction to land sites requiring completed-home sales. JPM said market rumors suggest that a nationwide mortgage subsidy could be introduced before National Day, but the bank remains cautious on such expectations. Its base-case scenario does not anticipate large-scale nationwide stimulus policies. Even if mortgage subsidies are launched, their scale and execution capability may be insufficient to reverse market conditions. Regarding REIT Connect, the Hong Kong Securities and Futures Commission aims to launch the scheme in 1H27, allowing southbound capital to invest in Hong Kong-listed REITs. Under current criteria, LINK REIT (00823.HK), CHAMPION REIT (02778.HK) and FORTUNE REIT (00778.HK) all qualify. In the land market, following the "828" policy measures, four land sites requiring completed-home sales have been launched. Three were sold at zero premium, while one auction was postponed to October. The bank believes developers generally have limited interest in sites requiring completed-home sales, and most land sales are still expected to allow pre-sales. Investors were generally slightly disappointed after Beijing took the lead in announcing local implementation guidelines for the "828" measures, and believe most developers may need to undergo a reset in sales scale. If gross margin does not improve, fiscal 2029 earnings could face a downside risk of 20% to 30%. (sl/ad)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |