Daily dose of HK & mainland China Real Estate: Research Focus and Views on the News

Research evidence excerpt

Daily dose of HK & mainland China Real Estate: Research Focus and Views on the News

fitability of HSBC which includes investment banking,

sales & trading, and principal trading revenues.

Whether, or in what time frame, an update of this analysis will be published is not determined in advance.

Non-U.S. analysts may not be associated persons of HSBC Securities (USA) Inc, and therefore may not be subject to FINRA

Rule 2241 or FINRA Rule 2242 restrictions on communications with the subject company, public appearances and trading

securities held by the analysts.

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inducement to transact in securities in breach of such laws.

For disclosures in respect of any company mentioned in this report, please see the most recently published report on that company

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the authoring analyst.

Additional disclosures

1 This report is dated as at 14 July 2026.

2 All market data included in this report are dated as at close 13 July 2026, unless a different date and/or a specific time of

day is indicated in the report.

3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its

Research business.