Equity Snap: C&D International (1908 HK): Staying proactive in the land market

Research evidence excerpt

Equity Snap: C&D International (1908 HK): Staying proactive in the land market

31 July 2026

Equity Snap: C&D International Equities REMD

(1908 HK)

Staying proactive in the land market China

◆ C&D acquired one slot in Beijing for RMB5bn, 11% higher Stephen Wang*, CFA

than the reserve price Analyst, Asia Real Estate The Hongkong and Shanghai Banking Corporation Limited

stephen.wang@hsbc.com.hk

◆ Robust project launches at Hangzhou One Beyond +852 2284 1675

Michelle Kwok*

Head of Asia Real Estate and HK Equity Research

C&D International (1908 HK, HKD15.55, Buy, TP HKD19.90) The Hongkong and Shanghai Banking Corporation Limited

(Priced as of 30 Jul 2026) michellekwok@hsbc.com.hk

+852 2996 6918

Securing a high-profile site: On 30 July, C&D acquired a residential site in Beijing’s Oliver Yu*

Changping District for a total consideration of RMB5bn. The transaction implies an Analyst, Asia Real Estate

The Hongkong and Shanghai Banking Corporation Limited

A.V. of RMB36,032/sqm, an 11% premium to the reserve price. Key competing oliver.y.o.x.yu@hsbc.com.hk

bidders included Yuexiu, Poly and a joint venture by Beijing Urban Construction and +852 2288 2050

Greentown. For context, Beijing Urban Construction acquired an adjacent plot at an Brian Yu*

Associate, Asia Real Estate Research

A.V. of RMB32,008/sqm last October, which was first launched in May 2026 with The Hongkong and Shanghai Banking Corporation Limited

ASP of RMB54,400/sqm and a sell-through rate of 81%. Secondary market asking brian.d.yu@hsbc.com.hk

+852 28227281

prices in the surrounding area are currently around RMB59,000/sqm. Assuming an

Charlotte Ye*

ASP of RMB60,000/sqm, saleable resources could reach RMB8bn, 6% of our 2027e Associate

sales. Guangzhou

Picking up investment in June-July.