0407 GMT - China's property sector is likely to underpeform on a policy vacuum until the National People's Congress in March, as well as slow local policy execution, among other reasons, Citi analysts say in a research note. The bank forecasts the 35 listed Chinese property developers to post a 23% decline in 2025 sales. China's policy support is headed in the right direction, but it will take time to execute, the Citi analysts add. The 35 developers' December home sales data was stronger than expected, marking a second month of on-year growth in 2024, they say. The developers, which make up 70% of China's property market, saw housing sales slide 30% in 2024, with sales at state-owned enterprises falling significantly less than non-SOEs, Citi says. The bank's top picks are KE Holdings, China Resources Land and Greentown China Holdings. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
January 01, 2025 23:07 ET (04:07 GMT)
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