China Property: Sales run-rate stabilized; CRIC’s tracking showed stronger new home sales

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China Property: Sales run-rate stabilized; CRIC’s tracking showed stronger new home sales

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China Property

Sales run-rate stabilized; CRIC’s tracking

showed stronger new home sales

Industry Overview

22 June 2026

Sales run-rate stabilized before holiday period Equity

Given transaction volumes posted a large YoY decline during the past few days due to China

the timing of the Dragon Boat holiday (seasonally weak), our weekly YoY performance Real Estate/Property

check focuses on the week before the holiday. During the week before the holiday (June

12–18), existing home transaction volumes increased by 7% YoY across the 16 key cities KarlResearchChoi,AnalystCFA >>

we track and were flat MoM. June’s existing home transaction run-rate (including the Merrill Lynch (Hong Kong)

+852 3508 3108

first two days of the holiday) remained 6% above the 5M26 average but 2.8% below karl.choi@bofa.com

May’s level. During the same period, primary home sales volumes across 30 key cities Eric Du >>

were flat YoY but increased by 20% MoM. June’s primary home transaction run-rate Research Analyst

Merrill Lynch (Hong Kong)

(including the first two days of the holiday) remained 10% above the 5M26 average but +852 3508 3329

5.6% below May’s level. We believe it is encouraging that sales run-rates did not soften eric.du@bofa.com

further ahead of the holiday, as this had been a key concern among investors given the Yoyo Pang >>

Research Analyst

consecutive sequential weakening since mid-May. We note that late June is typically the Merrill Lynch (Hong Kong)

peak season for new primary project launches; therefore, the number of new launches +852 3508 7607 yoyo.pang@bofa.com

and sell-through post holidays will be crucial for June’s overall YoY outcome.