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招银证券3月1日发布公告。We expect CG sales to pick up in March on solid subscription: Based on CRIC’s latest data, Country Garden has recorded slight MoM increase in Feb sales but still down 35% YoY in 2M23 at RMB44bn (attributable). It is partly due to lack of new launches. However, if we look at the sales subscription, Feb is significantly stronger than Jan which will be booked into Mar sales. Therefore, we expect March sales to be back at RMB30bn level (flattish YoY) and may see positive YoY growth in Apr/May due to low base. Based on our channel check, CG’s projects are also testing the water to increase ASP of 2-5% by lowering the discount. This is also a good sign.

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