Sino Land (0083.HK): Asia Financials Corp Day Takeaways: Focus on sales prices over volume; Continues to replenish landbank.

Research evidence excerpt

Sino Land (0083.HK): Asia Financials Corp Day Takeaways: Focus on sales prices over volume; Continues to replenish landbank.

Equity Research

22 June 2026 | 11:50AM HKT

Sino Land (0083.HK): Asia Financials Corp Day Takeaways: Focus on

sales prices over volume; Continues to replenish landbank.

Simon Cheung, CFA

+852-2978-6102 |

simon.cheung@gs.com

Goldman Sachs (Asia) L.L.C.

Alpha Wang

+852-2978-1984 | alpha.wang@gs.com

We hosted Sino Land management at our Asia Financials Corporate Day last week. Zhaoheng Chen

Consistent with our view as discussed in prior reports (Feb 18, May 19), they believe +852-2978-0901zhaoheng.chen@gs.com|

HK housing market has staged a multi-year upcycle since late last year on the back of Goldman Sachs (Asia) L.L.C.

wealth effect from buoyant capital market, strong talent inflows under various visa Leah+852-2978-6972Pan | leah.pan@gs.com

schemes and more international college students, removal of “spicy measures” etc. Goldman Sachs (Asia) L.L.C.

Including JV projects, they have already sold 1.3k units so far in 2026 ytd (vs. 2k

in 2H25) mostly contributed by La Mirabelle I, Grand Mayfair III and One Park

Place and have been able to command gradual price increases in each batch.

While 2HFY26 DP profit margin may still be under pressure (similar to 7.2% in

1HFY26) for project recognition sold in prior years, they anticipate gradual

recovery to 20+% levels ahead. They will continue to pursue land replenishment,

having acquired two land sites ytd (Jordan Valley, and Kam Sheung Road Station

Phase 2). In a scenario of Fed rate hike, they may not necessarily benefit immediately

as they have parked much of their cash at fixed-rate deposits (HK$51bn net cash on

hand at end-1HFY26). With regard to the impact of tightened controls on capital