Property Data Monitor Mainland China: primary sales +2% Y/Y due to low base; HK: home prices up another 0.4% W/W

研报英文原文证据摘录

Property Data Monitor Mainland China: primary sales +2% Y/Y due to low base; HK: home prices up another 0.4% W/W

Karl Chan AC Asia Pacific Equity Research

(852) 2800-8513 20 May 2026 J P M O R G A N

karl.chan@jpmorgan.com

KongProperty&Conglomerates–Weklysharepriceperformance(%)): The sector fell 3% last week, mildly underperforming• Share price moves (Figure 15Hong

the HSI (-2%). The outperformers were Jardine Matheson and Champion REIT (both

+0%). The underperformer was NWD (-11%).

• J.P. Morgan top picks: Developers – SHKP & Sino; landlords – Swire Prop & HKL;

conglomerates – JM & CKH.

Credit views (by Alvin Au)

• The JACI China HY Property Index rose 2% last week (vs China HY: +0.6%),

bringing YTD returns to +3.3%.

• Vanke: Vanke applied for a Rmb2.5bn shareholder loan quota from Shenzhen Metro

(SZM) last week for 2026, of which Rmb2.36bn has been utilized YTD (link).

Meanwhile, for the Rmb22bn SZM loan quota it received (and fully utilized) late last

year, SZM has expanded the scope of collateral and raised the maximum LTV for Vanke

to support the borrowings (link). We believe these updates are incrementally positive for

Vanke, as it receives extra liquidity support from SZM with relaxed LTV requirement.

However, the small loan quota for 2026 reflects that SZM is still skeptical on Vanke, in

our view.

• New World Development (NWD, covered by Soo Chong Lim): NWD issued a

statement last week saying that it is in discussions with the Hong Kong Airport Authority

(HKAA) to revisit and/or explore any potential for changes in the contractual

arrangements relating to the 11 Skies mall project. To recap, NWD won the tender for this

HK$20bn project in 2018. Under the 40-year lease, it has committed to pay HK$1.8bn