Chart of the day: Chinese home sales on target
Chinese property sales are on track for a robust year, Jefferies says in a report. Last month's sales were estimated to have grown 14 per cent month on month and 23 per cent year on year, led by the outperformance of companies such as Evergrande Real Estate Group, Cifi Holdings (Group) and Sunac China Holdings. "As of October, developers have achieved 83 per cent of their sales targets, led by Shenzhen Investment (137 per cent of target), Evergrande (103 per cent) and China Jinmao Holdings Group (92 per cent)." The laggards were Guangzhou R&F Properties and Shimao Property Holdings, which "may miss their sales goal". Jefferies says the developers are confident of meeting their full-year sales targets.