TC

11/10/2016 17:54

[I-bank focus]China Property seen to slow near term - Morgan

[ET Net News Agency, 11 October 2016] Morgan Stanley said weekly new home sales
declined 43% WoW in 25 major cities for the week ended 9 October, dragged by Tier 1-2
cities at -46% WoW each due to heavier policy dosage.
Tier 3 cities registered 26% WoW decline as well, given more tightening/restriction in
hot tier 3 cities (e.g., Wuxi, Zhuhai, Dongguan, Zhongshan, etc.), it added.
Only four cities (Beijing, Hangzhou, Suzhou and Wuxi) have secondary transaction data in
National Day. Sales tumbled at 82% WoW in these four cities due to market correction under
unfavorable policy environment, Morgan thinks.
Notably, Beijing recorded the largest decline at -91% WoW versus 29% WoW last week.
Morgan thinks sales will continue to slow near term with more stringent measures coming in
execution and more cities announcing tightening measures. (KL)

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