Global Elevators & Escalators "China Construction Data: Apr 2026 update" Kukhnin

Research evidence excerpt

Global Elevators & Escalators "China Construction Data: Apr 2026 update" Kukhnin

Global Research

18 May 2026ab

Global Elevators & Escalators Equities

Europe including UKChina Construction Data: Apr 2026 update

Industrial Goods & Services

Andre Kukhnin

April deteriorated, after some signs of bottoming and improvements in March. Analyst

Apr 2026 China construction data point to some worsening, after a stabilisation in andre.kukhnin@ubs.com

March. New Construction starts decline came in at -27% vs -17% in Mar despite an +44-20-7567 2162

easier comp. Similarly, Real Estate Investment worsened to -20.2% y/y vs -11.7% in Mar Jingyi Zheng

while Completion was at a similar level vs. Mar (-c19% y/y). Interestingly, ASP was up Analyst

+2.8% y/y and +12.8% sequentially. Inventory slightly increased to 9.8 months of sales jingyi.zheng@ubs.com

after a moderation to 9.4 in Mar from 10.5 in Jan-Feb. The key E&E players' outlook for +44-20-7568 3962

China points to further declines in China elevator orders in 2026 (Kone -5-10%, Dini Magoon

Schindler >-10%). Our colleagues in the UBS China Property team recently had an Associate Analyst

upgrade in the sector (link), now forecasting Starts to be -9%/flat in 2026/27E. April dini.magoon@ubs.com

data appears slightly disappointing, and we would likely need to see continuous, +44-20-7567 4037

sequential firmness in order to be able to finally call for market stabilisation. Hemal Bhundia, CFA

Analyst

Maintain China E&E orders forecast for 2026 at -10%. We maintain our estimate of hemal.bhundia@ubs.com

+44-20-7901 6515China E&E orders for 2026 at -10%. Our 2026 forecast is broadly in-line with latest

commentary from KONE and Schindler and does not discount any significant Ed Hussey

government fiscal stimulus. Analyst

edward.hussey@ubs.com