China Property: Top SOEs saw flattish YoY June contracted sales amid supply shrinkage

Research evidence excerpt

China Property: Top SOEs saw flattish YoY June contracted sales amid supply shrinkage

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China Property

Top SOEs saw flattish YoY June contracted

sales amid supply shrinkage

Industry Overview

Top SOEs posted broadly flat YoY contracted sales in June 01 July 2026

CRIC data shows that the top 100 developers’ attributable contracted sales value Equity

declined 13% YoY in June, ending the narrowing decline trend seen over the prior three China

months. This was broadly in line with our tracking, which indicated a 12% YoY decline in Real Estate/Property

primary home sales volume across 30 key cities. Leading SOEs again outperformed the

overall market, posting largely flat YoY contracted sales, although this marked a pause in KarlResearchChoi,AnalystCFA >>

the YoY growth momentum seen in April–May. Merrill Lynch (Hong Kong)

+852 3508 3108

karl.choi@bofa.com

In June, secondary home sales in the 16 key cities we track rose 9% YoY, demonstrating

greater resilience than the primary market. Looking ahead to 3Q, while overall market EricResearchDu >>Analyst

comparisons should ease, higher-quality developers may face relatively tougher comps. Merrill Lynch (Hong Kong)

+852 3508 3329

A barbell-shaped, gradual recovery in top cities eric.du@bofa.com

Yoyo Pang >>

China property shares have corrected sharply over the past month as investors grew Research Analyst

concerned about a sequential slowdown in sales across top-tier cities in June. While Merrill Lynch (Hong Kong)

+852 3508 7607

sales during the seasonally weaker July–August period are unlikely to alleviate these yoyo.pang@bofa.com

concerns, we expect the summer lull to be less pronounced than last year (primary sales

in Jul/Aug are typically ~30% below the Q2 run rate), supported by improving