Pent-up demand pushes CCR prices up
This following slow CCR sales during the Chinese New Year period.
OCBC Investment Research noted:
|CCR price appreciation picks up. Interestingly, we see a pickup in price appreciation in the CCR to 1.6% in 2Q11 from 1.1% last quarter. Over the last three quarters, we had saw the bulk of the CCR price appreciation come from completed unit sales, and we think the current environment of liquidity and healthy rental carry likely continued to attract buyers to completed CCR units. Moreover, this could be due to pent-up demand after traditionally slow CCR sales during the Chinese New Year period in the first quarter.|