Global Elevators & Escalators: China Construction Data: June 2026 update

Research evidence excerpt

Global Elevators & Escalators: China Construction Data: June 2026 update

Global Research

15 July 2026ab

Global Elevators & Escalators Equities

Europe including UKChina Construction Data: June 2026 update

Industrial Goods & Services

Andre Kukhnin

June shows signs of firming up. After a micro slowdown in April and stabilisation at Analyst

new lows in May, the June data arguably shows some signs of net improvement. Starts andre.kukhnin@ubs.com

and Completions YoY run-rates remained broadly unchanged but on clearly higher +44-20-7567 2162

comps with two-year stacks improving c5ppt / 9ppts respectively MoM. Real Estate Jingyi Zheng

Investment remained broadly stable while Inventory continue to decline (now 9.2 Analyst

months of sales vs >10 at the start of the year). The only concerning change in trend we jingyi.zheng@ubs.com

note is pricing (ASP) declining c7% MoM (but still up 1% YoY). The key E&E players' +44-20-7568 3962

outlook for China points to further declines in China elevator orders in 2026 (Kone -5- Dini Magoon

10%, Schindler >-10%). Our colleagues in the UBS China Property team recently had an Analyst

upgrade in the sector (link), now forecasting Starts to be -9%/flat in 2026/27E. With dini.magoon@ubs.com

May YTD starts down 24%, this implies a yoy stabilisation in the second half. +44-20-7567 4037

Hemal Bhundia, CFA

Maintain China E&E orders forecast for 2026 at -10%; introduce 2027 forecast at Analyst

'flat'. We maintain our estimate of China E&E orders for 2026 at -10%. Our 2026 hemal.bhundia@ubs.com

+44-20-7901 6515forecast is broadly in-line with latest commentary from KONE and Schindler and does

not discount any significant government fiscal stimulus. We now also introduce 2027 Ed Hussey

market forecast for E&E orders to be stable yoy in 2027. Analyst