Morgan Stanley: "November Golden Week" real estate performance exceeded expectations, state-owned enterprise developers may have positive sales growth in October

On October 9, Morgan Stanley said that the performance of real estate sales during the Golden Week of 2024 exceeded expectations: the major developers we tracked performed strongly in real estate sales during the National Day Golden Week of 2024 (October 1-7), with an average year-on-year increase of 39%. This represents 86% of sales in September 2024, and 60% of contracted sales in October 2023, indicating that sales in October are likely to have a mid-double-digit increase month-on-month, and the year-on-year decline has been greatly reduced (SOE developers are likely to achieve positive year-on-year growth).