Property Data Monitor: Mainland China: weekly sales turn worse due to holidays; HK: home prices up another 0.6% W/W

Research evidence excerpt

Property Data Monitor: Mainland China: weekly sales turn worse due to holidays; HK: home prices up another 0.6% W/W

J P M O R G A N Asia Pacific Equity Research

24 June 2026

Property Data Monitor

Mainland China: weekly sales turn worse due to

holidays; HK: home prices up another 0.6% W/W

Mainland China Mainland China/Hong Kong Property

& Conglomerates

• Iceberg 10-city real-time secondary weekly sales (冰山指数实时二手成 Karl Chan AC

交) dropped 0.05% Y/Y (down from +13% Y/Y). Tier-1 cities’ weekly sales (852) 2800-8513

karl.chan@jpmorgan.com

dropped 3% Y/Y (down from +14%) (Table 1Iceberg冰山指数实时二手每周成交大城市10-cityrealtimesecondaryweklysales(十)). The decline is mostly due to the J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Dragon Boat Festival. If we compare last week’s data vs. the week with the Morgan Broking (Hong Kong) Limited

same festival last year, 10-city & tier-1 sales would be up 15%/10% Y/Y. Venus Choi

Real-time sales generally lead the trend of official sales registrations by a few (852) 2800-8599

weeks. venus.choi@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

• Iceberg 10-city secondary listings (冰山指数二手挂牌量) fell further, Morgan Broking (Hong Kong) Limited

down 0.2% W/W. Tier-1 cities’ listings dropped 0.5% W/W, while Shanghai’s Jocelyn Gao

dropped another 1.1% W/W (prior: -0.6%)(Table 2Iceberg冰山指数二手挂牌量大城市10-citysecondarylistingvolume(十)). The volume of secondary (852) 2800-8529

listings in tier-1 cities has been consistently coming down (down 2.6% from the jocelyn.gao@jpmorgan.com

peak in March), and this is a key factor that will support continual secondary Morgan Broking (Hong Kong) Limited

home price stabilization. APAC Credit Research

• 60-city primary sales registrations (一手网签) fell 23% Y/Y (more), mostly Alvin Au AC