Deutsche Bank said the January-May 2014 sales of the 28 listed developers it monitors was up 13% MoM, highlighting that sales have stabilized and bottomed out for the near-term .
However, at end-May, the average full-year sales target hit-rate was only 30% - still low, and meaningfully lower than the target hit rate of 39% (based on revised-up 2013 targets) by end-May 2013.
Deutsche Bank said this suggests that developers in general still need to step up their sales efforts by adopting more meaningful price cuts, else a number of them will likely miss their 2014 sales targets and face issues with cash flows.
16/06/2014 11:37
[I-bank focus]China property's May sales momentum stabilizes
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