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According to Commerzbank, Chinese property market is shining with safe haven flows from none other than Chinese investors as equities are under heavy downside pressure. China's benchmark stock index, Shanghai composite has lost 40% of its value since June.
Investors are fleeing the stock market, not just because its vulnerable but current expected rate of return simply doesn't compensate for the additional volatility in the market.
Latest property report showed property prices rose by 3% and 5.6% in Beijing and Shanghai respectively and according to Zhou Hao of Commerzbank, property market is showing flight to safety behavior.
Moreover investors expect, Peoples Bank of China (PBoC) to cut rates further and government to pursue policies that will help the housing market to recover. China has already reduced down payment ratio requirements for house purchase this year in a bid to boost the market.
Second hand house prices also provide evidence of recovery, which has risen 15-20% in Shanghai in past two quarters.
Barclays point out that recovery can be seen in equity markets too. In last two week, property sector has beaten index return by 2.7%.
However, there still too much inventory left in second and lower tier cities, so some investors are posing considerable doubts, whether the recovery can be sustainable or not.
