房地产行业：投资增速维持高位，行业调控持续深化.docxVIP

/15 June 2018IndAccording to data released by China’s National Bureau of Statistics (NBS), property investment growth in the first five months of 2018 remained robust, at 10.2% YoY, while new home sales picked up with sales volume growth turning positive in May, signalling better-than-expected home buyer sentiment. However, we note more lower-tier cities adopting tighter property market regulations, amid a broader ongoing trend of credit tightening. We highlight margin pressure and tightening re-financing channels as the two major risks for the industry, and remain Underweight the sector. Our