HK Stock Market Move | In the early morning, stocks in the real estate sector rose across the board. The Central Economic Work Conference set the tone for the real estate market, actively and prudently resolving risks in key areas.

In the morning session, stocks in the property sector rose across the board, with RONSHINECHINA (03301) up 5.92% at HK$0.161, SHIMAO GROUP (00813) up 4.83% at HK$0.217, AGILE GROUP (03383) up 3.28% at HK$0.315, R&F PROPERTIES (02777) up 3.03% at HK$0.68, and SUNAC (01918) up 2.27% at HK$1.35. On the news front, the Central Economic Work Conference was held in Beijing from December 10th to 11th. The conference outlined the key tasks for next year's economic work. It emphasized sticking to the bottom line, actively and prudently resolving risks in key areas. Efforts will be made to stabilize the real estate market, with differentiated policies to control the increase in supply, reduce inventory, and improve supply, encouraging the acquisition of existing commercial housing for affordable housing purposes. The reform of the housing provident fund system will be deepened, and the construction of "good houses" will be orderly promoted. Accelerating the establishment of a new model for real estate development. Actively and orderly resolving local government debt risks, urging local governments to proactively manage their debts and not illegally increase hidden debts. Debt restructuring and replacement methods will be optimized to comprehensively resolve the operational debt risks of local government financing platforms. A Zheshang analyst stated in an interview, "The section on the real estate sector in the December 2024 political bureau meeting began with the statement 'effectively preventing and resolving risks in key areas, firmly holding the bottom line of avoiding systemic risks.' This time, the meeting talked about 'sticking to the bottom line, actively and prudently resolving risks in key areas,' with the change in wording from prevention to response. We believe that the shift from prevention to response in addressing risks in some recent events of enterprises is worth noting, and subsequent prudent handling through market mechanisms and legal procedures may gradually unfold."