China Property Sector: Awaiting stronger policy support
- National sales fell 22% y-o-y in 2M22, in line, as homebuyers remained on the sidelines given weak sentiment
- Expect March to register >20% y-o-y sales decline upon 1) resurgence of COVID-19 pandemic in parts of China; and 2) high base
- Stay with quality names before we see improvements on the liquidity front