《大行报告》美银美林新城发展(01030.HK)为竞争对手带来风险及机遇
美银美林发表研究报告指,新城发展(01030.HK)宣布主席兼执行董事王振华被刑事拘留,即时离任,并委任儿子王晓松为董事会主席,即时生效。今次事件为竞争对手,包括:碧桂园(02007.HK)、恒大(03333.HK)及旭辉(00884.HK)带来风险及机遇。
该行表示,事件除了唤醒私营企业开发商存在关键人物风险外,亦可能引起投资者关注新城发展或出现竞争行为变化,所带来的潜在影响。而债券市场出现任何波动,亦会损害其他开发商短期内开拓市场的能力。因此,是次新城发展的事件,可能会抑制投资者对内房行业的情绪。
报告指,短期而言,如果新城发展实施减价以增加流动性,上述三间发展商将更受不利影响。但留意政府已订下稳定房地产市场的目标,所以地区政府不太可能会容忍到任何大幅度减价;长线而言,如果新城发展减慢扩张步伐,其他发展商则可以扩大市占。不过由於很多三、四线城市的市占率是比较分散,所以不会有单一得益者。同时,新城发展已在很多三线城市开设新商场,任何放慢扩张策略,亦会令商场竞争对手如万达得益。
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