China's Key Developers Likely on Path to Earnings Recovery -- Market Talk

Dow Jones

Oct 23

0445 GMT - China's key developers are likely on the path to an earnings recovery next year, HSBC analysts say in a research note. Selling prices of six developers' key projects examined by HSBC have achieved higher margins so far this year than in 2024, signaling normalized margins for these developers. "We remain positive on leading developers for their market share gains and clear trajectory for earnings recovery," they say. From 2026, HSBC expects China Resources Land, C&D International, Greentown and Yuexiu to deliver better earnings than their respective precrisis peaks. Meanwhile, the analysts think the pullback in developers' share prices since mid-September is healthy, with current valuations presenting better risk-reward. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

October 23, 2025 00:45 ET (04:45 GMT)

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Selling prices of six developers' key projects examined by HSBC have achieved higher margins so far this year than in 2024, signaling normalized margins for these developers. \"We remain positive on leading developers for their market share gains and clear trajectory for earnings recovery,\" they say. From 2026, HSBC expects China Resources Land, C&amp;D International, Greentown and Yuexiu to deliver better earnings than their respective precrisis peaks. Meanwhile, the analysts think the pullback in developers' share prices since mid-September is healthy, with current valuations presenting better risk-reward. (sherry.qin@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 23, 2025 00:45 ET (04:45 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's Key Developers Likely on Path to Earnings Recovery -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Key Developers Likely on Path to Earnings Recovery -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-10-23 12:45</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0445 GMT - China's key developers are likely on the path to an earnings recovery next year, <a href=\"https://laohu8.com/S/HSBC\">HSBC</a> analysts say in a research note. Selling prices of six developers' key projects examined by HSBC have achieved higher margins so far this year than in 2024, signaling normalized margins for these developers. \"We remain positive on leading developers for their market share gains and clear trajectory for earnings recovery,\" they say. From 2026, HSBC expects China Resources Land, C&amp;D International, Greentown and Yuexiu to deliver better earnings than their respective precrisis peaks. Meanwhile, the analysts think the pullback in developers' share prices since mid-September is healthy, with current valuations presenting better risk-reward. (sherry.qin@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 23, 2025 00:45 ET (04:45 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0634319403.HKD","symbol_name":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2577326505","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2577326505","pubTimestamp":1761194700,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0445 GMT - China's key developers are likely on the path to an earnings recovery next year, HSBC analysts say in a research note. Selling prices of six developers' key projects examined by HSBC have achieved higher margins so far this year than in 2024, signaling normalized margins for these developers. \"We remain positive on leading developers for their market share gains and clear trajectory for earnings recovery,\" they say. From 2026, HSBC expects China Resources Land, C&D International, Greentown and Yuexiu to deliver better earnings than their respective precrisis peaks. Meanwhile, the analysts think the pullback in developers' share prices since mid-September is healthy, with current valuations presenting better risk-reward. 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Selling prices of six developers' key projects examined by HSBC have achieved higher margins so far this year than in 2024, signaling normalized margins for these developers. \"We remain positive on leading developers for their market share gains and clear trajectory for earnings recovery,\" they say. From 2026, HSBC expects China Resources Land, C&D International, Greentown and Yuexiu to deliver better earnings than their respective precrisis peaks. Meanwhile, the analysts think the pullback in developers' share prices since mid-September is healthy, with current valuations presenting better risk-reward. (sherry.qin@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 23, 2025 00:45 ET (04:45 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}