Property Data Monitor Mainland China: secondary listings further dropped in May; HK: home prices have risen 9.6% YTD

研报英文原文证据摘录

Property Data Monitor Mainland China: secondary listings further dropped in May; HK: home prices have risen 9.6% YTD

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

08 June 2026

Property Data Monitor

Mainland China: secondary listings further dropped in

May; HK: home prices have risen 9.6% YTD

Mainland China Mainland China/Hong Kong Property

& Conglomerates

cities-secondarylistingsandinventorymonths). The Karl Chan• Secondary listings in tier-1 cities fell 0.7% M/M in May (Figure 7Tier-1 AC

implied inventory months (based on 12-month rolling sales volume) (852) 2800-8513

karl.chan@jpmorgan.com

marginally fell from 18.8 months in April to 18.6 months. Beijing saw the J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

largest M/M decline of 2%, with inventory months falling to 16.6 (Apr: 17.1), Morgan Broking (Hong Kong) Limited

followed by Shanghai (-1%) (inventory months: 11.9 in May vs. 12.4 in April). Venus Choi

• 60-city primary sales registrations rose 18% Y/Y (last week: +10%) (more). (852)venus.choi@jpmorgan.com2800-8599

• 12-city secondary sales registrations rose 38% Y/Y (last week: +14% J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

(Figure 512-citydailysecondarysalesregistrations), Shanghai (+57%) and Shenzhen (+55%) saw the strongest Y/Y

Jocelyn Gao

growth among tier-1 cities. YTD, 12-city secondary sales have risen 6% Y/Y

(852) 2800-8529

(Shanghai: +14%). jocelyn.gao@jpmorgan.com

• Leading indicator #1) The Centaline tier-1 cities’ secondary asking price J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

index stayed flat at 17.7 (Figure 1Centalinesecondaryaskingpriceindexvs.NBSsecondaryhomepriceindexM/Mintier-1cities).

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