CITIC Securities: Residential real estate development companies will face challenges in mid-2025 performance.

CITIC Securities expects that residential development enterprises will face challenges in their mid-term performance by 2025; commercial real estate companies benefit from the asynchronous shopping center prosperity cycle, with their profit and loss statements generally outperforming pure development enterprises, and their balance sheets having a relatively higher safety margin; asset-light property management and services companies further demonstrate a strong business operating characteristic.