China Property Tier 1 cities’ home price stabilization extends into April

研报英文原文证据摘录

China Property Tier 1 cities’ home price stabilization extends into April

J P M O R G A N Asia Pacific Equity Research

19 May 2026

China Property

Tier 1 cities’ home price stabilization extends into April

The latest NBS data for April shows a continued stabilization trend in home prices: Mainland China/Hong Kong Property

(1) tier-1 cities’ secondary price growth remained at +0.4% M/M, with all four cities & Conglomerates

showing positive growth; (2) 70-city home price decline marginally narrowed in both Karl Chan AC

primary & secondary. Regarding the share price weakness on 18 May (sector -4% vs. (852) 2800-8513

HSI -1%), we believe it was mostly due to a lack of major upside surprises from the karl.chan@jpmorgan.com

NBS data, triggering some profit-taking (after all, the sector has outperformed the HSI Venus Choi

by 16% over the past month). We remain positive on SOE developers with a strong (852) 2800-8599

focus on tier-1 cities (COLI, CR Land & Jinmao). venus.choi@jpmorgan.com

Jocelyn Gao

(852) 2800-8529• 70-city primary home prices - M/M decline narrowed: M/M decline

narrowed from -0.21% M/M in March to -0.19% M/M in April. While tier-1 jocelyn.gao@jpmorgan.com

cities continued to outperform (+0.1% M/M) led by Shanghai (+0.4% M/M) J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

(Table 1Tier-1cities-homepriceM/Mgrowth(NBS&Centaline)), home prices in top tier-2 cities also turned marginally positive to

+0.07% M/M (the first time since May 2025) (outperformers: Hangzhou

+0.4% M/M, Nanjing +0.3% M/M).

• 70-city secondary home prices - all four tier-1 cities saw positive M/M

growth (2nd month in a row): Overall secondary home prices fell 0.23% M/M

in April, marginally narrowing from -0.24% in March. Tier-1 cities recorded