0239 GMT - The National People's Congress meeting beat expectations for China's property sector, Citi analysts say in a research note. For the first time, authorities mentioned in an official government work report the need to "effectively mitigate property firms' debt default risks," indicating a supportive stance and also signaling authorities' determination for the sector's stabilization, Citi notes. Citi thinks it's "a positive signal" and names China Vanke as an example of the local government's support. Property is a critical factor for domestic demand and confidence, hence stabilizing home prices in major tier-1 and tier-2 cities are important, the analysts say. Citi turns more positive on the sector due to such signals from the NPC meeting as well as improvements in secondary home sales seen in recent months. Citi's top picks are KE Holdings, China Resources Land, among others. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
March 05, 2025 21:39 ET (02:39 GMT)
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