Goldman Sachs Group issued a report saying that since the introduction of the "16 Financial principles" measures in the mainland, the share prices of Chinese property management stocks covered by the bank have obviously recovered, with property management stocks backed by state-owned enterprises rising more than 15 per cent and private enterprises up more than 60 per cent. In addition, the valuation gap between property management stocks of state-owned enterprises and private enterprises has also narrowed.

The bank is of the view that in this downward cycle, the stock price performance of property management stocks has been re-linked to its associated developers, reflecting increased market concerns about the liquidity of developers, which may affect the fundamental prospects of its property management companies. However, the recent recovery in the valuation of property management stocks of private enterprises shows that the shares are decoupled from the private housing parent enterprises and have better growth prospects.

Goldman Sachs Group reiterated his "buy" ratings on shares of Greentown Services (02869.HK), Asahi Yongsheng Services (01995.HK), everything Cloud (02602.HK), China Shipping Properties (02669.HK), Poly Properties (06049.HK) and Country Garden Services Holdings (06098.HK), while Golden Services (09666.HK), time Neighbourhood (09928.HK), Shimao Services (00873.HK) and Sunac Services (01516.HK) maintained "sell" ratings.