On September 20, the property management stock opened lower, Shimao Services (0873.HK) fell about 4 per cent, and Poly Properties and Evergrande Property Services fell more than 3 per cent. Morgan Stanley recently issued a research report that even if the property management stocks had strong performance in the first half of the year, deleveraging and liquidity concerns in the inner housing industry continued to depress the stock price performance of property management stocks. The bank lowered the valuation basis of property management shares, reducing the average price-to-earnings ratio of property management shares from 29 times to 25 times next year. Excluding Poly properties, the bank lowered the target price by 10% to 32% accordingly, reflecting the growth of contract sales of property management shares and the slowdown in land purchases. It will affect the growth outlook of the area under the jurisdiction of property management stocks. Motors also pointed out that there was no big surprise in the performance of Chinese property management stocks in the first half of the year, and the industry stock price has been rampant since the end of July. The bank is cautious about its short-term performance and believes that it will maintain the performance of the range until the end of the year or even before January next year. Reduce the target price of property management stocks across the board.