Huatai Securities: Pressure easing from leading real estate companies helps stabilize market expectations in the short term.

Huatai Securities research report stated that on the 21st, Vanke announced that the bondholders' meeting of "21 Vanke 02" bonds passed the core extension proposal with a high number of votes. This plan is based on "adjustment of principal and interest payment + fixed payment arrangement + credit enhancement measures" as the core, reducing short-term pressure. For the industry, the short-term easing of pressure on leading real estate companies is helpful in stabilizing market expectations in the short term, bringing more favorable conditions for the industry to "stop falling and stabilize." Huatai Securities is optimistic about investment opportunities in "three good" real estate companies, excellent commercial operators, Hong Kong-funded real estate companies, and high-dividend property management companies.