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    000002   CNE0000000T2

CHINA VANKE CO., LTD.

(000002)
  Report
End-of-day quote Shenzhen Stock Exchange  -  2022-09-28
17.15 CNY   -1.78%
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China new home prices unchanged in June, after dropping for two months

07/14/2022 | 10:23pm EDT

(Corrects April y/y move to 0.7% rise, not 0.2% drop, in third paragraph)

* June new home prices unchanged m/m vs -0.1% m/m in May

* June new home prices drop -0.5% y/y vs -0.1% y/y in May

BEIJING, July 15 (Reuters) - China's new home prices were unchanged in June after falling in the past two months, as strict COVID-19 curbs were eased and consumers took advantage of a slew of stimulus measures such as cuts in mortgage rates and smaller down payments.

Average new home prices in 70 major cities were steady month-on-month, after a 0.1% drop in May and a 0.2% decline in April, according to Reuters calculations based on National Bureau of Statistics (NBS) data released on Friday.

From a year earlier, new home prices in June fell 0.5%, the sharpest pace since September 2015, versus a 0.1% drop in May and a 0.7% rise in April.

China's property sector, which accounts for about a quarter of the economy, is mired in a deep slump amid a string of debt defaults by developers, including China Evergrande Group , and protests from homebuyers over stalled projects.

But it has recently shown signs of improvement after lockdowns were eased and on measures aimed at ending the market chaos. On Thursday, regulators vowed to help local governments deliver projects on time after homebuyers threatened to stop mortgage payments on unfinished apartments.

Major homebuilder China Vanke Co said in June that the property market had bottomed in the short term, with a clear month-on-month rise in sales for the month.

Household loans, including mortgages, rose to 848.2 billion yuan ($125.77 billion) in June from 288.8 billion yuan in May, central bank data showed.

Among 70 cities surveyed by the NBS, 31 reported a gain in monthly price in June, more than 25 cities in May.

But analysts say confidence in China's property market remains fragile, with consumers spooked by continued COVID flare-ups and worried about jobs.

Financial services firm Gavekal warned in a recent note that the strength and sustainability of the recent pick-up in property sales therefore remains an open question. ($1 = 6.7432 Chinese yuan) (Reporting by Liangping Gao and Ryan Woo; Editing by Kim Coghill and Himani Sarkar)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 8.55% 1.65 Delayed Quote.3.77%
CHINA VANKE CO., LTD. -1.78% 17.15 End-of-day quote.-13.21%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.97% 7.09047 Delayed Quote.12.64%
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Analyst Recommendations on CHINA VANKE CO., LTD.
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Financials
Sales 2022 481 B 67 530 M 67 530 M
Net income 2022 24 712 M 3 470 M 3 470 M
Net Debt 2022 149 B 20 989 M 20 989 M
P/E ratio 2022 8,08x
Yield 2022 4,88%
Capitalization 190 B 26 674 M 26 674 M
EV / Sales 2022 0,71x
EV / Sales 2023 0,71x
Nbr of Employees 139 494
Free-Float 64,8%
Chart CHINA VANKE CO., LTD.
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China Vanke Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends CHINA VANKE CO., LTD.
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TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 25
Last Close Price 17,15 CNY
Average target price 22,51 CNY
Spread / Average Target 31,3%
EPS Revisions
Managers and Directors
Jiu Sheng Zhu President, CEO & Executive Director
Hui Hua Han Chief Financial Officer & Executive Vice President
Liang Yu Chairman, President & Chief Executive Officer
Dong Xie Chairman-Supervisory Board
Xiao Liu Chief Operating Officer & Executive Vice President
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