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Boosted by news such as the extension of the property tax
Author: Zheng Na
Following the previous day’s rise, on March 16, Eastern Time, Chinese stocks soared once more.NasdaqThe Golden Dragon China Index closed up 33%, and many Chinese concept stocks rose by more than 50%.
Among the Chinese concept stocks related to real estate,shellIt closed up 64.35% at $14.89;FangduoduoIt closed up 53.52% at $0.41;Xinyuan Real EstateIt also rose 52.96% to $1.04. Among them, Fangduoduo’s largest intraday increase exceeded 105%.
It is worth mentioning that this is the largest increase in Shell recently. Since March, the share price of Shell has entered a clear downward channel. On March 10, when the annual report was disclosed, the share price fell by more than 20%. On the 16th, the recent decline was finally reversed. In addition, Fangduoduo, known as the “first stock of China’s industrial Internet SaaS”, received a delisting warning in early January this year because its stock price fell below $1 for 30 consecutive trading days; and the first real estate stock listed in the United States Xinyuan Real Estate has problems such as annual report dystocia.
At the same time as this round of indiscriminate skyrocketing, on March 16, Eastern Time, the Federal Reserve announced that it would raise its benchmark interest rate by 25 basis points to a range of 0.25% to 0.5%, its first rate hike since December 2018.
In addition to the final landing of the boots, news that is more closely related to China’s real estate sector is also a joint voice of many domestic ministries and commissions, involving multiple levels, including Chinese stocks, real estate, and macroeconomics. In the United States, real estate stocks are undoubtedly the intersection of multiple key information.
According to Xinhua News Agency, on Wednesday, the Financial Stability and Development Committee of the State Council held a special meeting to study the current economic situation and capital market issues. Supporting measures for the transition to a new development model”.
On the same day, the central bank held a meeting to convey and learn the spirit of the above-mentioned meeting, emphasizing “adhere to seeking progress while maintaining stability, and prevent and defuse real estate market risks”.
The China Banking and Insurance Regulatory Commission also emphasized the need to adhere to housing housing rather than speculation, continue to improve the long-term real estate mechanism of “stabilizing land prices, housing prices, and expectations”, actively promoting the transformation of the real estate industry’s development mode, encouraging institutions to carry out M&A loans in a stable and orderly manner, and focusing on supporting high-quality real estate companies. Mergers and acquisitions of high-quality projects from difficult housing enterprises will promote a virtuous circle and healthy development of the real estate industry.
The China Securities Regulatory Commission stated that it will continue to support the rational financing of the real economy, actively cooperate with relevant departments to effectively and effectively resolve the risks of real estate enterprises, promote the standardized and healthy development of the platform economy, and improve international competitiveness. At the same time, it is mentioned that it is necessary to speed up the implementation of the new regulations on the supervision of overseas listing of enterprises, support all kinds of qualified enterprises to go public overseas, and keep the overseas listing channels unblocked.
The State Administration of Foreign Exchange also expressed its position at a special meeting held on the same day, and cooperated with relevant departments to promote the healthy and stable development of the real estate market and the platform economy.
What is more concerned is that the Ministry of Finance said on the 15th that it does not have the conditions to expand the pilot cities of the real estate tax reform this year, which temporarily dispelled the market’s worries regarding the introduction of the real estate tax.
The intensive voice of the regulators is believed by the industry to reflect the supportive attitude towards the healthy development of the real estate industry.
Guojin Securities analyst Du Minmin wrote in an article that the statement on real estate at the special meeting of the Financial Committee of the State Council shows that the current government is aware of the existence of risks in the real estate industry, and intends to introduce countermeasures in terms of “prevention” and “resolution”, which highlights the need for its high attention.
Yang Kan, a real estate analyst at Ping An Securities, believes that the voice of the regulator is conducive to strengthening confidence in resolving industry risks in a timely and effective manner. It is expected that more stable real estate policies will be introduced in the future. He expects to reduce mortgage interest rates, relax purchase and loan restrictions, loosen pre-sale supervision funds and other dimensions, and make efforts to “implement policies according to the city”.
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Responsible editor: Li Tong
