China Property Bulls See Silver Lining Behind Earnings Flop
- Investors pinning hopes on rising sales to drive recovery
- Property shares slid into bear market on NPC disappointment
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China property bulls are looking past what’s likely another disastrous earnings season for the nation’s embattled developers, betting on a recovery as green shoots emerge in sales.
Sixteen of Hong Kong-listed Chinese real estate firms have so far flagged profit slumps for 2022 with the number expected to grow, according to JPMorgan Chase & Co. The wave of warnings, combined with a lack of impressive stimulus from the National People’s Congress, sent a Bloomberg gauge of developer shares into a bear market last week.