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Source: China Fund Daily

Yao Bo

Hong Kong stocks rose six times in a row, with a cumulative increase of more than 9%, and the trading volume of the Hang Seng Index also hit a record high. On April 29th, the Hang Seng Index rose 0.BallsoutbingoThe turnover reached HK $163.4 billion, setting a new high for the year and breaking the HK $160 billion threshold for the first time this year. However, after continuing to rise, the Hang Seng Technology Index fell 0.13%.

Stimulated by the relaxation of property purchase restrictions, internal housing stocks rebounded across the board, with the Hang Seng Real Estate Construction Index leading the market, rebounding nearly 12% since hitting a low for the year on April 19. On April 29th, the WTO Group rose as much as 75% in intraday trading.

In addition, since the implementation of the new policy of convenient entry and exit management for enterprises on May 6 this year, gaming stocks have generally risen, and SJM Holdings has reached a high this year.

The inner room counterattack in an all-round way

Driven by favorable policies, inner housing stocks rebounded in an all-round way.

Shimao Group's shares reached a high of HK $0.62 in the afternoon of April 29, rising 74.65% at one point to close 60.56% higher. Sunac china shares also performed strongly, closing up 28.32%.

Xuhui Holdings Group has made progress in offshore debt restructuring, reaching agreement in principle with the creditor group to reduce debt by $3.3 billion to $4 billion. The news sent its share price up 18.33%. Vanke, whose A shares rose by the daily limit, rose 18.99% in Hong Kong.

The housing purchase restriction policy is gradually withdrawing from the provincial capital cities. Starting from April 29, Chengdu commercial housing project will no longer implement notarized lottery house selection, which will be sold by enterprises independently, and housing transactions within the city will no longer examine and verify the eligibility to purchase houses. This also means that after Chengdu has become a hot provincial capital city such as Wuhan, Hefei, Nanjing, Changsha and so on, it is another city that has fully liberalized the restrictions on housing purchase.

According to the monitoring of the Institute of the Middle Index, up to now, in addition to Hainan Province, among the core cities, Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou (new houses), Tianjin, Xi'an and other core areas still maintain the purchase restriction policy.

A few days ago, there are market rumors that Shenzhen may optimize the purchase restriction policy at an appropriate time. The Shenzhen Housing and Construction Bureau told the media on April 29 that Shenzhen will combine the actual situation of the real estate market and make good use of the policy toolbox under the leadership of the Shenzhen Municipal CPC Committee and the Shenzhen Municipal Government. better meet the rigid and improved housing needs of residents, and promote the stable and healthy development of Shenzhen's real estate market; relevant policy information shall prevail as officially announced by the Municipal Housing and Construction Bureau.

Recently, Beijing, Shanghai, Guangzhou and Shenzhen have disclosed the data of resident population at the end of 2023, increasing by 15000, 115600, 92900 and 128300 respectively. All four major first-tier cities have reversed the decline in resident population in 2022.

A new policy of entry and exit for convenience has been introduced

The State Administration of Immigration announced on April 28 that a number of policies and measures to facilitate the entry and exit of enterprises for the benefit of the people will be implemented from May 6. Affected by this, Macau gaming stocks rose generally, of which SJM Holdings hit a high of the year.

The six entry and exit policies and measures announced by the State Administration of Immigration on the 28th include: the implementation of "Intelligent Express" and "National access" for business visa to Hong Kong and Macao, and six types of talents from Beijing and Shanghai can apply for talent endorsement for going to Hong Kong and Macao. Mainland residents holding a business endorsement for Hong Kong and Macao have been extended to stay in Hong Kong and Macao from 7 days to 14 days, and "other" endorsements have been issued to Macao for more than one year. People who join the "Qinao Tour" can travel to and from Qinao many times.

Goldman Sachs expects that these new policies will play a positive role in Macau's economic development and its integration with the Greater Bay area, especially good news for Macau's gambling industry, especially the midfield and low-end midfield clientele. The new measures will make it easier and faster for tourists and business people to apply for visas, as well as longer stays in Macau.

Goldman Sachs looked forward to the future of Macau's gaming industry, believing that the gradual return of midfield customers will drive the growth of Macau's gaming revenue in the coming quarters. In particular, Galaxy Entertainment and SJM Holdings, Goldman Sachs continues to give the two companies a "buy" rating and expects their market share to continue to increase.