China Real Estate 10 facts refuelling the sector

研报英文原文证据摘录

China Real Estate 10 facts refuelling the sector

11 June 2026

China Real Estate EquitiesREMD

10 facts refuelling the sector China

◆ Fundamental recovery signals should rebuild optimism Michelle Kwok*

heading into mid-year pre-sale peak season Head of Asia Real Estate and HK Equity Research

The Hongkong and Shanghai Banking Corporation Limited

◆ Anecdotal evidence suggests the recovery is broadening out michellekwok@hsbc.com.hk+852 2996 6918

beyond the four tier-1 cities to other city tiers Oliver Yu*

Analyst, Asia Real Estate

◆ We prefer CR Land and C&D, both rated Buy The Hongkong and Shanghai Banking Corporation Limited

oliver.y.o.x.yu@hsbc.com.hk

+852 2288 2050

We highlight 10 facts that help capture the market’s attention as fundamentals continue

Stephen Wang*, CFA

to improve, further enhancing our confidence in the breadth of the sector recovery. Analyst, Asia Real Estate

More catalysts should materialise as we head into June peak pre-sale season. The Hongkong and Shanghai Banking Corporation Limited

stephen.wang@hsbc.com.hk

1. Ongoing policy support: The State Council’s new urban renewal plan highlights +852 2284 1675

clear policy targets with potential strong central support; housing provident fund Brian Yu*

Associate, Asia Real Estate

policy fine-tunings across cities should help support mass market demand. The Hongkong and Shanghai Banking Corporation Limited

brian.d.yu@hsbc.com.hk

2. Tier-2/3 primary home sales gaining traction: 25 out of a total of 46 key tier-2/3 +852 28227281

cities recorded y-o-y growth in new home GFA sold in May, with 22 cities recording Charlotte Ye*

y-o-y growth of more than 10% (source: CRIC). Associate

Guangzhou

3. Broad-based secondary market recovery: Secondary GFA sold in May rose