Shares of Longfor Group, a leading Chinese property developer, surged by 9.85% on Wednesday, driven by optimism about the prospects of the Chinese property market in the coming year.
According to Raymond Cheng, an analyst at CGS International, China's property transaction volumes are expected to rise in 2024 for the first time since 2022. This positive outlook is attributed to the Chinese central government's resolute stance to rescue the property sector through policy support and faster implementation of supportive measures.
Cheng favors state-owned property developers such as China Resources Land and China Overseas Land & Investment, as well as quality developers like Longfor Group. He also suggests considering high-beta names like China Vanke and Greentown for investors seeking exposure to the anticipated recovery in the Chinese property market.
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