Macro threats from China home sales scare CapitaLand

Chinese PMI reading hit 9-month low.

According to OCBC, last week, the flash Chinese PMI reading for May came in below view at 48.3 – a nine-month low and the second consecutive month of a below-50 reading (signalling contraction).

Moreover, Chinese credit conditions have been tight over Jun so far with the overnight repo rate touching 11.7% last Thursday.

Here's more from OCBC:

While these datapoints point to significant discipline from Chinese authorities in curbing economic excesses, we see increasing uncertainties creeping into the macro picture as the government attempts to engineer a more sustainable albeit slower tempo of growth.

This being so, we see heightened downside risks for CAPL’s Chinese residential sales and rental outlooks.

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