CN : Property - Overall - Strong policy to boost share prices

Led by the State Council and supported by PBOC, CBIRC, SAFE and MOF, China turns more firm on resolving property market risk. We expect regulators to have a series of collective measures in near future to support the property market, which could reduce developers’ default risk. Meanwhile, China also announced it will suspend expansion of the property tax pilot programme this year. Supportive policy should boost share prices. We like Longfor, CIFI, KWG. Developers with marginal liquidity risk should benefit more, such as Times, Logan, Shimao, Agile, Sunac.