Greater China: Equity & Bond Property Wrap: Equity: HK transaction volume cools on headwinds; Bond: updates on NWD

Research evidence excerpt

Greater China: Equity & Bond Property Wrap: Equity: HK transaction volume cools on headwinds; Bond: updates on NWD

Accessible version

Greater China: Equity & Bond Property Wrap

Equity: HK transaction volume cools on

headwinds; Bond: updates on NWD

Industry Overview

CN: Larger land supplies but competition remains intense 02 July 2026

In June, land sales revenue in the top 10 cities rose 78% MoM to RMB9.3bn. Despite Cross Asset Research

larger supply, competition remained intense as evidenced by relatively high premium Greater China

rate (% of transactive price over starting price), since most top developers Real Estate/Property

underinvested in land bank during the first 5 months. Hangzhou, Beijing and Guangzhou Credit Research

saw higher land premium rate MoM while Shanghai and Chengdu saw lower MoM. — Sirius Chan

Karl Choi (Equity Research) ResearchMerrill LynchAnalyst(Hong Kong)

+852 3508 3100

HK: transaction volume cools on multiple headwinds sirius.chan@bofa.com

Primary residential sales slowed in June, with around 800 transactions recorded MTD (as JoyceResearchLiangAnalyst

of 28 June), representing a 60% decline from the average monthly run rate of 2,100 Merrill Lynch (Singapore)

joyce.liang@bofa.com

transactions in 5M26. Secondary market activity also lost momentum, with transaction

Xiang Gao, CFA

volumes across the top 10 housing estates trending lower. We attribute the slowdown Research Analyst

primarily to renewed concerns over potential US rate hikes, weakness in the local equity Merrill Lynch (Singapore)

xiang.gao@bofa.com

market and uncertainties over the Mainland China’s new offshore investment rules.

Suyang Lu

Nevertheless, the luxury residential segment remains resilient, highlighted by CKA's sale Research Analyst

of seven units at 21 Borrett Road Ph.