Category: Money Tips Date: 2006-07-30
China Merchants Securities: Short-term fluctuations in share price, the long-term benefit real estate quality enterprises
â—?The control is "511" extension. The measures proposed in this meeting is basically a continuation of regulatory policies in 2005, but raised the need to improve in key real estate statistics and information disclosure system, while a clear distinction should be made to appropriately adjust credit policies. Therefore, we believe that this regulation more focused than in 2005, but does not change the status of real estate as a pillar industry.
â—?the key lies in enforcement. Because real estate rise very rapidly in the development process has also gathered a large number of non-standard behavior, but should be defined as a development issue, many local governments are reluctant to stringent regulation and control, while the above-mentioned regulatory policy should be as early as the existence of only the various regions in the implementation process discounted only. Therefore, the effect of the current round of real estate regulation and control is still will mainly depend on the actual enforcement.
�real estate problems are social problems, a simple regulation of the real estate industry, limited effect. We believe that the current housing problem is the main source of abundant liquidity and rapid expansion of social wealth gap between rich and poor, resulting in a serious imbalance between demand and supply of high-quality housing, as well as speculative and so this is a whole society issues, and then rose to political问题. The liquidity problems are subject to the international market, subject to the disparity of wealth in society as a whole social system, it is difficult in the short term to be a fundamental improvement.
â—?Short-term fluctuations in share price, real estate, long-term development is conducive to good business. We believe that the key to pass the spirit of this meeting, followed by various relevant departments should have some concrete measures, and therefore should have a short-term fluctuations in the real estate stock. However, we also believe that the healthy and stable growth of the real estate industry for a number of high-quality development of enterprises to improve the industry's better development environment and control measures also help to improve their relative competitive position, it is proposed a long-term focus on these high-quality development enterprise.
Country Gold Securities: regulation of the bull market will not change the tone
â—?5 dated 17 State Council executive meeting has been argued on the current real estate situation and made a new thesis, that the current real estate situation, the main problem is that a small number of major cities housing prices rose too quickly, the housing supply structure, irrational conflicts and the Housing the real estate market disorder.
â—?We believe that this meeting about the importance of the real estate industry and the overall industry support is still very significant, and three are conducive to the full description of the real estate has been not only a particular ministry or local issue, but related to the the entire national economy.
â—?view of the comments from the State Department for the supply, demand, trade and many other fields have made arrangements, in which the core idea is to adjust the supply structure, and a moderate curb excess demand and regulate the trading process. The most important content is still to control the excessive rise in real estate prices.
â—?We believe that the follow-up is still the main policy is to increase affordable housing and low-cost housing, including a distinction between the supply and increase the proportion of down payment and transaction costs of a modest increase purchase cost-cutting measures. These measures of market speculation over the previous much more moderate.
â—?Overall, although the regulation of the real estate market will play a certain amount of fixed asset investment growth inhibition, but its impact is relatively limited; the same time, the regulation of the real estate market will further enhance the relative attractiveness of stocks of assets, and for the next phase of accelerated appreciation of the yuan play a catalytic role, therefore, we believe that the real estate market does not change the regulation of capital flows, the stock market continues to change the tone a good bull market. A total of 2 1 [2]
