Property Data Monitor: Mainland China: Real-time secondary sales +13% Y/Y; HK: home prices +0.6% W/W

Research evidence excerpt

Property Data Monitor: Mainland China: Real-time secondary sales +13% Y/Y; HK: home prices +0.6% W/W

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

30 June 2026

Property Data Monitor

Mainland China: Real-time secondary sales +13% Y/Y;

HK: home prices +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) rose 13% Y/Y, turning positive again from mildly negative Y/Y growth (852) 2800-8513

karl.chan@jpmorgan.com

last week (due to public holidays). Tier-1 cities’ weekly sales grew 11% Y/Y J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

(Table 1Iceberg冰山指数实时二手每周成交大城市10-cityrealtimesecondaryweklysales(十)), with Shanghai outperforming (+22% Y/Y). Real-time sales Morgan Broking (Hong Kong) Limited

generally lead the trend of official sales registrations by a few weeks. Venus Choi

• Iceberg 9-city secondary listings (冰山指数二手挂牌量) rose a mild 0.1% (852)venus.choi@jpmorgan.com2800-8599

W/W. Tier-1 cities’ listings dropped 0.6% W/W, driven by -2.9% W/W in J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Shenzhen and -0.3% W/W in Shanghai (Table 2Iceberg冰山指数二手挂牌量大城市9-citysecondarylistingvolume(九)). The volume of secondary Morgan Broking (Hong Kong) Limited

listings in tier-1 cities has been consistently coming down (down 3% from the Jocelyn Gao

peak in March), and this is a key factor that will support continual secondary (852) 2800-8529

home price stabilization. jocelyn.gao@jpmorgan.com

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

• 60-city primary sales registrations (一手网签) fell 10% Y/Y (more), Morgan Broking (Hong Kong) Limited

narrowing from the 22% Y/Y decline last week (due to public holidays). APAC Credit Research