Leju Finance Li LiOn December 4, Minsheng ** released a review of China's real estate sales data in November 2023.
Sales in November decreased by 41%, a year-on-year decrease of 302%, and the transaction volume in the key 30 cities decreased by 12% month-on-month. According to CRIC reports, the sales amount of TOP100 developers in November 2023 is 3901900 million yuan, down 30 percent from November 20222%, down 48. compared to November 20210%；It was 41%。
The differentiation of enterprises continued to intensify, and the central state-owned enterprises continued to remain stable. According to CRIC reports, among the top 20 full-caliber sales ranking developers in November 2023, Vanke Real Estate, Poly Development and China Resources Land each ranked 314300 million yuan, 312900 million and 242100 million yuan ranks among the top three;In terms of monthly year-on-year sales amount, a total of 2 developers, China Merchants Shekou and China Resources Land, were positive year-on-year, with a year-on-year increase of 324% and 905%。There are 3 developers with a year-on-year decline of more than 50%, among which Country Garden and Sunac China have a large year-on-year decline, with 7639% and 5653%。Under the current situation, the resilience of central state-owned enterprises is strong, and the differentiation pattern of real estate enterprises continues to intensify.
Ni Hong, Minister of Housing and Urban-Rural Development, pointed out that under the new model of real estate development, it is about high quality, new technology and good service. On November 11, Xinhua News Agency broadcast a dialogue report with Ni Hong, Secretary of the Party Leadership Group and Minister of the Ministry of Housing and Urban-Rural Development, to interpret China's real estate market. Ni Hong pointed out that this year's real estate market is "high, low, and stable", and the work of ensuring the delivery of buildings has been solidly promoted. In the past, the development model that pursued speed and quantity in the period of "whether there is or is not" no longer meets the new requirements of solving the problem of "whether it is good or not" and the stage of high-quality development, and it is urgent to build a new development model.
Investment suggestions: It is recommended to pay attention to A-share enterprises with investment capabilities in key cities, such as Poly Development and China Merchants ShekouAs well as high-quality industry leaders such as China Jinmao, China Overseas Land & Investment, etc., which have low valuations and high elasticity of Hong Kong stocks.
Risk warning: confidence recovery is less than expected, and sales recovery is less than expected.
Related companies: Minsheng**.