Glonghui, May 5 丨 According to the CCB International Development and Research Report, the operating conditions of mainland private real estate developers have continued to improve. Market data for April showed that the sales performance of major housing enterprises in China was mediocre. It is believed that since April was a relatively low season, contract sales of state-owned enterprises continued to lead with an average growth rate of 49%, but among them, the performance of high-quality private enterprises also improved dramatically, and the sales performance of some housing enterprises remained flat or the decline narrowed. The bank believes that while market conditions remain stable and the policy environment does not change, the performance of state-owned enterprises is steady, while private enterprises continue to recover. It believes that the fundamental recovery trend of private enterprises continues, which is not yet fully reflected in stock price performance. State-owned enterprises are more optimistic about China Resources Land (1109.HK) and Vanke (2202.HK), while private enterprises prefer Midea Real Estate (3990.HK), which is optimistic about the prospects for sales recovery and the low risk of allotment of shares, all giving them a “outperform the market” rating.