Asset prices face revaluation of property equity institutions

Since 2009, the real estate market, a change in price decline, deal light depressed situation. The continued rise in prices suggests that the housing market is on the path to recovery.　　Data show that January-May this year, the National commercial housing sales area of 276 million square meters, the cumulative growth of 25.5% year-on-year, commercial housing sales amounted to 114 million yuan, the cumulative growth of 45.3%. Policy support unchanged Hengtai securities that, since the end of last year, the real estate industry has launched a land, finance, tax and other regulatory policies, has been in substance to untie. Moreover, some of the policies of the degree of positive even exceeded the market expectations, such as the development of the capital ratio of the project decline. Societe Generale believes that the reduction in the proportion of capital will further untie the capital chain of real estate enterprises, housing development projects will play a role in promoting. In the real economy has not yet significantly improved, external demand is still weak, the government will not be a heavy hand to suppress the property sector. In this respect, the securities also hold a similar view.　　They believe that in the next 3-6 months, the government's real estate policy should still be "more than pressure, support greater than restrain", some appear to tighten the signs of the policy, such as land value-added tax settlement, the proposed property tax on the company's negative impact on the limited. In the Government's policy on the real estate industry, Societe Generale believes that the real estate market will continue to be in accordance with the internal rules of the market inertia upward, turnover will not appear significantly. Hunan Financial Securities, the attitude of more positive, the agency believes that the first half of the best-selling factors have not changed, that is, China's real estate market strong rigid demand, improve demand, easy monetary policy, the real estate market investment-preserving characteristics, therefore, the second half of this year's real estate turnover is still optimistic.　　And securities believe that, although in many cities sales have reached a relatively high level of history, the rigid demand to buy a certain degree of release, but due to the rebound in investment demand, in the future a period of time investment in housing will be more and more. By the land market rebound support data show that 2009 1-May, the National Real estate Development investment year-on-year growth of 6.8%, the increase is 1.9% higher than January-April, but compared with previous years, real estate investment is still inadequate. In this regard, founder securities that the trend of warmer sales continue to help the company to inventory, accelerate the withdrawal of funds, the industry's investment confidence is recovering. Days congenial research shows that the current residential land premium deal obvious, the former flow of plots into a hot grab object.　　The agency believes that the land market is a rebound in real estate investment is a strong support, industry investment in the second half of the expected acceleration. Based on credit, monetary easing, investment demand and the performance of the real estate market since May this year, Securities believes that real estate asset prices have been revalued for up to 3-5 months. And, they argue, domestic house prices could reach even the highest level in more than 2007-2008 years. Societe Generale in the microscopic investigation of the process found that a one-time buy more housing phenomenon has increased, investment in the purchase of the market signs began obvious. The agency expects, under the background of negative real interest rate, the huge amount of money released under the loose monetary policy may choose real Estate as the value of preserving and value-added investment, and the possibility of rising house price is increasing. Real estate stocks are still the preferred configuration although the real estate gross profit rate has declined in recent years is an indisputable fact, but the Yangtze securities that with the rebound in housing prices and some of the new reserves, real estate gross margin is expected to maintain a high position fluctuation. China Securities believes that the improvement in sales will directly lead to improvement in real estate company performance, housing prices will be greatly repaired to restore the gross profit margin, resulting in a sharp increase in corporate profits. Due to the particularity of the settlement of the property company, the increase of sales amount does not mean that the performance of such enterprises will be improved immediately. In this regard, Zhongyuan securities believe that the real estate company's performance exceeded expectations this year should not be too big, but next year's performance is expected to exceed expectations.　　Real estate shares will still be the first choice in the allocation of capital for many institutions, in the face of certainty growth in property stocks. Although the recent rise in property stocks overall, there has been a certain degree of increase, but, in the real estate recovery trend to continue, the real estate business performance next year is expected to exceed the background, real estate stocks still face a rare investment opportunities. The future of investment opportunities in the grasp mainly from the following aspects: first, the land reserves rich, revaluation potential for greater growth of varieties. China Securities believes that with a large number of high-quality, Low-cost land reserves of listed companies, the latter value will benefit from house prices and land price of the rapid flying. The agency recommended regional leading companies Zhongtian City, Yunnan City Investment, Suning Global, Hua FA shares. The same logic, the Yangtze River Securities recommended the national leading Poly Real estate, Oct, China Merchants Real estate, pan-sea construction and development.　　Northeast Securities recommended Poly Real Estate, Vanke, Gold Group. Secondly, a variety of resources and performance, with a higher margin of safety. From the financial indicators, if the company in recent years, relative to the total asset size growth faster, and the absolute scale is relatively large, it shows that the company will enter the harvest stage of performance. Citic Securities believes that a large number of land resources, and now enter the harvest stage of the enterprise has a higher margin of safety.　　Citic Securities research shows that the total assets in advance of the larger scale of Poly Real estate, Riverside Group, Suning World, and the relatively rapid increase in the relative assets of overseas Chinese city, pan-Sea construction and investment real estate. Third, the background is strong, capital security enterprises. Citic Securities believes that if the real estate enterprises face a larger development needs, the funds can meet the requirements is very important. Citic Securities through the examination of three major indicators, that is, the reality of corporate capital, the flow of financing channels and the nature of the company, recommended Suning Global, Riverside Group, investment real Estate, New lake in the treasure and overseas Chinese city. In addition, asset restructuring and asset injection companies deserve investors ' attention. State Securities believes that the majority of shareholders are optimistic about the ownership of land, the reorganization of the strength of the company, such as Guangyu development, AVIC Real Estate, St million Jie, St Dongyuan and so on.