【IMF】Targeted Modification Of Streamlined Procedures For Approval Of Successor Flexible Credit Line And Precautionary And Liquidity Line Arrangements.pdf

China Property SectorNBS Nov data in line, expect new policy in BJ／SH to boost secondary market in Dec

–1H23 in-line： Solid asset quality; HCD spin-off untapped industrial potentials to empower growth

Better profits achieved across 3 business lines

–2Q in line with profit alert; subtle recovery ahead

FY22 largely in-line; Gradual recovery on track

–Earnings in-line; Mgmt. changes imply a new round of expansion

FY22 largely in-line; Auto／VR to accelerate growth

Expecting an upbeat bottom line for 2Q results

Solid margin and attractive valuation; wait for top-line recovery

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q