DBS: China Property Sector – COGO, China Overseas, CR Land, Longfor, Yuexiu
China Property Sector: Taking a toll from COVID-19 resurgence
- National sales fell by a deeper 29% as expected in Mar-22 upon COVID-19 resurgence and a high base
- Unlikely to see meaningful rebound in April on the outspreading of COVID-19 into other parts of China
- Short-term price rally may continue in anticipation of more policy supports ahead
- Top picks – COGO (81 HK), Longfor (960 HK), CR Land (1109 HK), COLI (688 HK), and Yuexiu (123 HK)
