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Guosen Securities' Mid-Year 2026 Investment Strategy for Real Estate: Focus on Valuation Recovery Driven by Marginal Improvements in Data
Due to insufficient inventory of off-plan housing, there is no basis for near-term improvement in completions, which are projected at 470 million square meters (–20%). Investment, benefiting from improved starts, is expected to reach RMB 7.5 trillion (–9%). Pay attention to the valuation recovery potential driven by marginal data improvements.
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