Property management stocks continued to decline, and the overall decline widened in the afternoon.$Country Garden Services Holdings (06098.HK) $Drop 20.63%$Xuhui Yongsheng Service (01995.HK) $跌9.97%，$Sunac Services (01516.HK) $跌8.63%，$Jinke Service (09666.HK) $-7.54%, Shimao Service (00873)-6.27%, Jianye New Life (09983)-5.75%, Hejing leisurely Live (03913)-5.52%.

On the news side, Goldman Sachs Group issued a report that it is expected that the compound annual growth rate of the average income of the property management stocks covered by it will slow to 19% in 2023-2025, which is lower than the compound annual growth rate of income in 2018-2022. As a result, the gross profit margin of property management services for the period 2022-2024 is forecast to be 3 percentage points lower than that of 2021, and the gross profit margin of value-added services is expected to be 5 percentage points lower than that of 2021. Gross profit margin is expected to stabilize in 2025.

The bank cut the target price of property management shares by an average of 13 per cent, representing 15 times next year's forecast price-to-earnings ratio and 17 per cent compound annual growth rate of earnings per share between 2023 and 2025. Among them, the target price of Country Garden Services Holdings will be reduced from 52 yuan to 37 yuan, Xuhui Yongsheng service from 14.8 yuan to 10 yuan, Jinke service from 27 yuan to 23 yuan and Metro Hyatt service from 12 yuan to 9.3 yuan.