China Property Top 100 Developers‘ Sales: weakening in July 2026

Research evidence excerpt

China Property Top 100 Developers‘ Sales: weakening in July 2026

Global Research

1 August 2026ab

First Read

EquitiesChina Property

Top 100 Developers' Sales: weakening in July China

2026 Real Estate

John Lam, CFA

Analyst

john-za.lam@ubs.com

Top 100 developers' contract sales declined by 14% YoY +852-2971 6358

Top 100 developers' contract sales declined 14% YoY in July 2026, widening from -12% Vera Gong, CFA

YoY in June 2026 (Figure 1Top10developers'contractsalesinJuly2026decreased14%YoY,andMoMdeclined39%Top10developers'contractsalesinJune2026improvedsequentialy,+5%MoM,andYoYdeclined12%). On MoM basis, July 2026 sales dropped 39% from June, Analyst

worse than 2021-2025 average of -34%. In the first seven months of this year, top 100 vera.gong@ubs.com

contract sales declined by 16% YoY. While, on GFA basis, top 100 developers' contract +852-2971 8950

sales decreased 29% YoY, which suggests a transaction mix shift towards prime location Mark Leung

and projects. This is in line with the good sell through rate of luxury residential projects in Analyst

primary market, and in line with with our sector upgrade note on housing demand mark.leung@ubs.com

supported by industrial profits and positive wealth effect. +852-2971 8636

Ben Ho

Secondary transactions remained resilient in July 2026 Associate Analyst

As of the week of 26 July 2026, secondary transaction volume (in units) for 12 cities ben.ho@ubs.com

remained strong at +8% YoY month-to-date. In addition, as of 29 July 2026, growth of +852-3712 2819

secondary listings across 50 cities slowed to 2.2% YoY, while tier 1 cities' secondary

listings decreased at -11.1% YoY, a positive signal suggesting less secondary supply.

Meanwhile, rental price in four tier 1 cities still declined by 3.1% YoY in June 2026,