Property management stocks rose alongside real estate stocks. As of press time, EVERG SERVICES (06666) gained 4.55% to HK$0.92; CHINA RES MIXC (01209) climbed 3.53% to HK$41.22; GREENTOWN SER (02869) advanced 3.37% to HK$4.91; and CG SERVICES (06098) increased 2.74% to HK$6.76.
On the news front, according to CRIC data, as of the end of August 2025, the threshold value for new land reserve value among the top 100 companies was 3.19 billion yuan, down 6% year-on-year with a narrowing decline rate. The threshold value for new total price among the top 100 was 1.54 billion yuan, up 12% year-on-year, while the threshold value for new construction area among the top 100 was 304,000 square meters, recovering 8% year-on-year.
Guojin Securities noted that first-tier cities including Beijing, Shanghai, and Shenzhen have recently implemented optimized purchase restriction policies. It expects real estate transaction volumes to rebound in the fourth quarter, helping fundamentals stabilize further. Considering the improved expectation of Federal Reserve rate cuts stimulating liquidity, the real estate sector's current valuation remains relatively low.
Huatai Securities stated that the property management industry's operational performance in H1 2025 showed "mixed results." On the positive side, revenue growth remained flat compared to 2024, initially confirming an "L-shaped" bottom; net profit attributable to shareholders returned to positive growth, mainly due to reduced impairment of receivables and goodwill from related real estate companies; and interim dividend payout ratios continued to improve. However, the industry fundamentals still face challenges: factors such as property fee reductions and collection rate pressures continue to develop, diversified services remain under pressure, and impairment concerns are gradually shifting to third-party receivables.
Looking ahead, the institution remains optimistic about the continued development of three major themes: high dividends, reduced real estate drag, and consumption recovery. It favors leading property management companies that can deliver resilient earnings growth while continuing to provide attractive shareholder returns.