Macquarie Research believes the Southbound inflow of capital through the stock connect will re-rate the China property sector further.
It said that the Southbound trading has become even more active in September, starting
to dominate the tradeflow of some SMID names, while large-caps like CR Land (01109) and COLI (00688) also saw new money coming in.
By the end of 14 September, top three stocks which are most heavily owned by Southbound investors are Sunac (15.5%)(01918), Poly Property (8.9%)(00119) and Greentown (5.3%)(03900), Macquarie said.
Top three stocks with the largest impact from Southbound trading in MTD September are China Jinmao (00817), Greentown and Country Garden (02007), with the net-buy from Southbound investors accounting for about 30% or more of the trading volume of these stocks during the period, it added.
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