Signs of physical market bottoming
- National sales in Aug in line; showing signs of physical market bottoming
- Expects a moderate pickup in 4Q22 alongside an anticipated pickup in project launches and potential introduction of more policy support
- Stay with quality names for potential rebound: CR Land (1109 HK), COLI (688 HK), and Yuexiu (123 HK)
- We like KE Holdings (BEKE US/2423 HK), beneficiary from demand shift to secondary market
