此外，越秀地产目前仍有近40%土地储备位于广州，15-20%位于其他一级城市。而广州一手房销售在6月后出现降温，7月环比下跌33%，8月再下跌7.5%。加上，广州2024年上半年仅售出4幅地皮，未来土地供应可能进一步下降。美银预计广州房地产市场将在去库存和宽松政策下稳步复苏。Bank of America Merrill Lynch expects the Guangzhou real estate market to steadily recover under destocking and loose policies.
According to the report from ZhITong Finance and Economics APP, Bank of America Securities maintains a "buy" rating for Yuexiu Property (00123) with a target price of 6 Hong Kong dollars. Yuexiu Property currently has 40% of its saleable land reserves in Guangzhou, and the bank believes that the Guangzhou real estate market is expected to steadily recover in the future.
The report states that Yuexiu Property had previously returned the undeveloped commercial and residential land on the north side of Jinan University and another Guanglong land parcel to the Guangzhou Land Development Center for 5 billion yuan and 7 billion yuan respectively, and the return to the government will allow Yuexiu Property to redirect funds to better-located land while reducing the risks of high inventory and sales.
In addition, Yuexiu Property still has nearly 40% of its land reserves located in Guangzhou and 15-20% in other first-tier cities. After a cooling down in the sales of first-hand properties in Guangzhou since June, sales dropped by 33% month-on-month in July, followed by another 7.5% drop in August. Furthermore, only 4 land parcels were sold in the first half of 2024 in Guangzhou, and future land supply may further decline. Bank of America Merrill Lynch expects the Guangzhou real estate market to steadily recover under destocking and loose policies.
