First Read China Property Top 100 Developers‘ Sales: softer momentum in June 2026

Research evidence excerpt

First Read China Property Top 100 Developers‘ Sales: softer momentum in June 2026

Global Research

1 July 2026ab

First Read

EquitiesChina Property

Top 100 Developers' Sales: softer momentum in China

June 2026 Real Estate

John Lam, CFA

Analyst

john-za.lam@ubs.com

Top 100 developers' contract sales declined by 12% YoY +852-2971 6358

Top 100 developers' contract sales declined 12% YoY in June 2026, widening from -2% Vera Gong, CFA

in May 2026 (Figure 1Top10developers'contractsalesinJune2026improvedsequentialy,+5%MoM,andYoYdeclined12%). On MoM basis, June 2026 sales improved 5% from May, vs Analyst

2021-2025 average of 26%. In the first half of this year, top 100 contract sales declined vera.gong@ubs.com

by 16% YoY, vs -17% in 5M2026. Despite a softer momentum in property sales in June +852-2971 8950

2026, land market remained heated in June. In June, Shenzhen sold three land parcels Mark Leung

for a total consideration of Rmb20bn, at 99-151% premium above base price (see note). Analyst

In Shanghai, on 30 June 2026, C&D International acquired a land parcel for Rmb7bn, at mark.leung@ubs.com

30% premium, and Greentown China won two parcels for a total of Rmb3bn, at +852-2971 8636

c.20%premium. The strong land premiums show developers' confidence in tier 1 cities' Ben Ho

prime location, which reflects the recent strong sell-through rate in tier 1 cities' high end Associate Analyst

property. This is in line with our expectation of improved sentiment in physical market ben.ho@ubs.com

(see our upgrade note). +852-3712 2819

Secondary transactions remained strong in June 2026

As of the week of June 28th, secondary transaction volume (in units) for 12 cities

remained strong at +11% YoY month-to-date. In addition, as of 24 June 2026, growth