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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Connect  >  Sunac China Holdings Limited    1918   KYG8569A1067

SUNAC CHINA HOLDINGS LIMITED

(1918)
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Chinese property firms bank on virtual reality as virus fears hit market

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02/14/2020 | 03:23am EST

China's property developers and realtors are turning to virtual reality salesrooms and livestream marketing to thaw a frozen market as the coronavirus epidemic keeps physical offices shut and potential buyers are afraid to leave their homes.

A female employee of Sunac China introduced a residential development in the southern city of Qingyuan on social media platforms Tiktok and Weibo wearing a white gown and waving a paper fan.

The livestream on Tuesday attracted a total of 510,000 viewers for Sunac, China's fourth-largest developer by sales, but it was unclear whether any of them bid for the property.

Twenty of the top 100 developers have done livestream sales since the virus outbreak, property researcher CRIC said, adding that 92 of them run online sales platforms which some recently revamped in response to the virus.

Property sales by floor area in China fell 0.1% in 2019, marking the first full-year decline in five years, and analysts expect sales may drop again this year due to the epidemic.

The outbreak has led to several cities being locked down, mass quarantines and work and travel disruptions as Beijing works to contain the flu-like virus which has killed 1,380 people and sickened more than 60,000.

Major realtors including Centaline are also doing more live forums online, hosting talks with senior executives on the property market.

Trying to make homebuyers more comfortable in buying online, Centaline plans to work with property developers to build virtual salesrooms for their new developments.

"The online sales platform has been around for a while, but it was mostly for advertising and chats between agents and buyers," said Centaline Shenzhen General Manager Alan Cheng.

"Now because homebuyers are not able to go out and see the flats themselves, we will focus on providing more real live videos to engage with them."

He said the firm this week introduced online contracts that involve third-party authentication technology in two cities, one of the first in the industry, so that buyers can sign the documents without leaving home.

Efforts are being made offline as well.

China Evergrande, the third-largest developer by sales, announced on Thursday that homebuyers are entitled to a lowest-price guarantee until May 10, where the company will refund buyers the difference if prices drop.

Sunac, depending on the city, allows its customers to forfeit the purchase free of charge within up to 60 days.

Despite the industry's creative efforts, the market has all but ground to a halt.

Centaline's Cheng said the few transactions now appeared mostly in the rental market or when sellers were willing to slash prices for personal reasons.

(Reporting by Clare Jim; Editing by Jacqueline Wong)

Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -1.05% 18.82 End-of-day quote.-1.77%
SUNAC CHINA HOLDINGS LIMITED -1.72% 42.95 End-of-day quote.-1.94%
WEIBO CORPORATION -1.03% 43.28 Delayed Quote.-6.62%
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Financials (CNY)
Sales 2019 195 B
EBIT 2019 38 232 M
Net income 2019 24 780 M
Debt 2019 92 792 M
Yield 2019 3,26%
P/E ratio 2019 6,59x
P/E ratio 2020 5,30x
EV / Sales2019 0,56x
EV / Sales2020 0,34x
Capitalization 17 456 M
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Mean consensus BUY
Number of Analysts 17
Average target price 48,41  CNY
Last Close Price 37,58  CNY
Spread / Highest target 47,5%
Spread / Average Target 28,8%
Spread / Lowest Target -20,0%
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Managers
NameTitle
Meng De Wang Chief Executive Officer & Executive Director
Shu Ping Huang Executive President & Executive Director
Hong Bin Sun Chairman
Xi Gao Chief Financial Officer, Secretary & VP
Xun Chi Executive Director