0312 GMT - China's Central Economic Work Conference statements were a slight disappointment for the property sector, Daiwa analyst William Wu writes in a note. There were no major surprises in the meeting's readout, which said the country will continue efforts to stabilize the property market, Wu adds. The tone wasn't much stronger than that set during the September Finance Ministry and PBOC meetings. The latest narrative points to a continuation of policy efforts rather than calls for them to be stepped up, Daiwa says. The brokerage turns more cautious on the sector in the near term given the absence of positive surprises to sustain a market rally. In the long term, Daiwa prefers China Resources Land and China Overseas Land & Investment. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
December 15, 2024 22:12 ET (03:12 GMT)
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