Secondary market recovering as lockdown restrictions lift
Secondary market turnover in May in 50 key cities tracked by Beike fell c.40% y-o-y but grew 14% m-o-m, sales in Shenyang, Changchun, Harbin, Suzhou, Wuxi, Xuzhou rebounded >100% m-o-m after lifting lockdown measures
MTD average weekly GFA sold in 27 cities we track fell 52.5% y-o-y but was up 10.8% w-o-w last week; average sell-through rate for new project launches in 10 key Tier 1 and 2 cities rebounded to 52%
Average short-selling interest edged up 2bps to 17% last week. Average southbound trading rose 4bps to 7.77%
Sector top picks: COLI (688 HK), COGO (81 HK), Longfor (960 HK), Yuexiu Property (123 HK) andCR Land (1109 HK)
