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0611 GMT - China's property sales are projected to rise on month in December, driven by project launches and year-end seasonal demand, DBS analyst Dexter Chun says in a research note. While overall sentiment is gradually fading after the policy pivot in September, sales momentum and homebuyer confidence level have remained resilient in core districts, Chun says. Together with improved sell-through rates and anticipated pickup in new project launches, December property sales should rise moderately on month, Chun says. That should end 2024 with an around 15% decline from 2023, he says. DBS expects the decline in presales for state-owned developers to narrow at a faster pace as they have more salable resources to launch. DBS likes developers with resilient fundamentals and better located land banks, such as Yuexiu Property and China Resources Land. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
December 17, 2024 01:11 ET (06:11 GMT)
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