As of the close on March 30, real estate rose 5.86%, and only 3 of the 126 constituent stocks fell. 26 real estate stocks, including Guangming Real Estate, Tahoe Group, China Communications Real Estate, Joy City, Greenland Holdings, etc., reached their daily limit. , Vanke A rose

Real estate stocks had another miracle day, leading the gains in A and H shares.

As of the close on March 30, Real Estate (Shenwan) rose 5.86%, and only 3 of the 126 component stocks fell, including Guangming Real Estate, Tahoe Group , China Communications Real Estate , Joy City, 26 real estate stocks, including Greenland Holdings, rose by the limit, Vanke A rose more than 8%, Gemdale Group , Rongsheng Development, Jinke Holdings rose more than 5%.

Among them, Poly Development hit the year's high of 18 yuan per share during the session, closing at 17.72 yuan, up 5.48%; Sunshine City gained 7 daily limits in the past 8 trading days, and its total market value rose to 15.9 billion yuan. , has surpassed Shimao Group .

Hong Kong stocks , Hang Seng Real Estate and Construction led all industries with an increase of 3.75%. Among them, Greenland Hong Kong increased by more than 25%, Shimao Group and Times China increased by more than 19%, including 22 Aoyuan , Rongxin , Longguang , Yuzhou , etc. Constituent stock rose by more than 10%, and Sunac China had the largest intraday increase of more than 26%.

The other side of the boom in the real estate sector is the difficulty in producing annual reports. Incomplete statistics show that as of March 30, 29 companies, including property companies, have announced that the release of audited results will be postponed, and about 10 of them may suspend and from April 1.

However, "from historical experience, real estate stocks do not fluctuate with changes in fundamental prices and volumes, but rise and fall with the rise and fall of expectations for policy tightening." CITIC Securities analysis pointed out that it now appears that policy measures are sufficient to promote Fundamentals have bottomed out and the willingness for policy intervention has reached its highest point amid credit risks.

News that the property market regulations have been relaxed have also been reported in many places. On March 29, news about Fuzhou’s relaxation of purchase restriction policies circulated in the market, saying that foreign residents did not need to provide social security or tax certificates or settle down when purchasing a house in the main urban area of ​​Fuzhou. At the same time, Shenzhen has implemented a one-year reference price for second-hand housing, and recently there has been news that the reference price will be raised by 3%-5%.

Some people in the real estate industry said that there are not many restrictions on settling in Fuzhou, and the adjustment of the purchase restriction policy itself is not very relaxing, but "something is better than nothing." Some real estate stock investors also said that although the March data is expected to be still sluggish , "But what is speculated is expectations."

"The capital market is a reaction to expectations," an insider from a housing company analyzed to reporters. This is not just an expectation for housing prices, but an overall expectation. From the end of last year to the beginning of this year, , the market generally believes that real estate policy has bottomed out, and there was no mention of suppressing real estate during the two sessions.

In fact, before the loosening of policies in Fuzhou and Shenzhen, the sales restriction policy in Qingdao Jimo District had been relaxed, and Harbin and Zhengzhou had officially issued documents to relax relevant controls. Among them, Zhengzhou took the lead in fully relaxing purchase and loan restrictions.

"Actually, there have been no emergency suspensions recently in terms of local adjustments to housing loans or policies introduced in Zhengzhou," the above-mentioned person continued, which means that local governments have relaxed based on actual market conditions.

According to data from the Centaline Real Estate Research Institute, since 2022, more than 60 cities across the country have issued various policies to stabilize the property market more than 70 times, and there have been nearly a hundred policies issued by superimposed ministries and commissions.

The industry predicts that current market sales have not recovered significantly, and the relaxation of policies tailored to local conditions is expected to continue. A CITIC Securities research report shows that in the first 20 days of March, the number of new home sales in its statistically representative cities fell by 46.8% year-on-year, and the number of second-hand home sales fell by 37.3% year-on-year. This has further expanded compared with February, and the market continues to bottom out.

CITIC Securities predicts, "With financial policy as the main focus, demand-side policies will be introduced at an accelerated pace after March. Even without non-financial policies, we believe that policies will be enough to promote demand recovery."

Guosen Securities research report also pointed out , the current industry fundamentals have not seen significant improvement, the sales side is still relatively sluggish, and it will still take time for the land market to regain its vitality."We believe that until the land market fully recovers, the pace of policy relaxation will not stop. There is still a lot of room for policy-side gaming. Related policies similar to those introduced by Zhengzhou and Harbin will follow in other regions."

In addition to the sales side In addition to the continued release of favorable policies, regarding the surge in the real estate sector on the 30th, some people in the real estate industry mentioned that in addition to policy relaxations, recent news about real estate companies SBLC has given the market hope of refinancing.

Recently, there is news in the market that CIFI is seeking to issue US dollar bonds with a planned issuance scale of no more than 100 million US dollars. Zheshang Bank provides SBLC. The same news has come out in Metro .

SBLC is standby letter of credit , also known as guaranteed letter of credit . When an enterprise issues bonds overseas, a commercial bank provides a standby letter of credit, which provides guarantee and increases credit endorsement for the bonds issued by the enterprise. This also means that if a default occurs, the supporting bank has the obligation to pay.

Regarding this news, CIFI told First Financial that recently, two real estate companies in the industry have successfully issued SBLCs, and they are also exploring opening up and broadening overseas financing channels. The specific issuance plan shall be subject to the announcement. People familiar with the matter revealed that Xuhui is already in talks.

Not long ago, Excellence Group and Greentown successively issued US dollar bonds with interest rates of 2.91% and 2.4% respectively, both of which were provided by Zheshang Bank as SBLC.

In addition to overseas financing channels, domestic financing for real estate companies also continues to show enthusiasm. On March 30, the National Association of Financial Market Institutional Investors issued multiple notices in succession, accepting mid-ticket registrations from real estate companies such as Country Garden Real Estate, CIFI Group, and Longfor Enterprise Development, with an amount of 5 billion yuan each.

Amidst the optimism, there are still cautious views. Minsheng Bank management said at the performance conference, "At present, the real estate industry is still in a risk release stage. Real estate policies are gradually adjusted, stability maintenance efforts are gradually increasing, and market sales expectations are improving. We judge that it will take some time.”