China Real Estate Residential resilience vs retail resistance

研报英文原文证据摘录

China Real Estate Residential resilience vs retail resistance

17 June 2026

China Real Estate EquitiesREMD

Residential resilience vs retail resistance China

◆ May NBS data suggests an uneven recovery between Stephen Wang*, CFA

stabilising residential market and weakening retail sales Analyst, Asia Real Estate The Hongkong and Shanghai Banking Corporation Limited

stephen.wang@hsbc.com.hk

◆ The initial stage of residential inflection is city- and segment- +852 2284 1675

specific, insufficient to drive broad consumption recovery Michelle Kwok*

Head of Asia Real Estate and HK Equity Research

The Hongkong and Shanghai Banking Corporation Limited

◆ Prefer CRL and C&D (both Buy); maintain our non-consensus michellekwok@hsbc.com.hk

Hold on CR Mixc +852 2996 6918

Oliver Yu*

Analyst, Asia Real Estate

May NBS release reinforces our preference for residential. Property sales in May The Hongkong and Shanghai Banking Corporation Limited

rose 11% m-o-m and pricing continues to hold up well in tier-1 cities. Encouragingly, oliver.y.o.x.yu@hsbc.com.hk

+852 2288 2050

the y-o-y decline in nationwide secondary prices narrowed to 5.9% from 6.2% in

Charlotte Ye*

April, suggesting an accelerated price discovery process amid rising transactions. We Associate

reiterate our constructive view on top-tier-led housing stabilisation in 2026, which Guangzhou

should improve earnings visibility for high-quality developers. While high-frequency

indicators point to a moderate slowdown in June sales, we think sales momentum * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations.

remains healthy, and early signs of recovery in land market should help lift price