Residential Property Sector - 9M2023 Update

Research date: 20/11/2023
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Listed residential property developers’ profitability plunged in 9M2023 amid market downturn. Debt coverage capacity remains weak due to deteriorating cash flow driven by weak pre-sales. We expect developers’ performance in 2023 will diminish notably compared to 2022 before gradually recovering in 2H2024, as the government support measures come into effect.

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