China Property "China Housing Survey: Improved sentiment in tier-1 cities" Lam

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China Property "China Housing Survey: Improved sentiment in tier-1 cities" Lam

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China Property Equities

ChinaChina Housing Survey: Improved sentiment in

tier-1 cities Real Estate

John Lam, CFA

Analyst

john-za.lam@ubs.com

Housing purchase intention improved, especially in Beijing and Shanghai +852-2971 6358

UBS Evidence Lab's latest China Housing Survey of 2,500 respondents across mainland Vera Gong, CFA

China (8 April - 4 May 2026; > Access Dataset) shows an improved intention to buy Analyst

property over the next two years, compared with the survey in April 2025 (Figure 1Respondents'intentiontobuypropertyinthenexttwoyearshasimprovedto31%inMay2026,comparedto20%inApril2025), in vera.gong@ubs.com

particular in tier-1 cities, due to improved housing price expectation (Figure 9 Majorityofrespondentsexpectpropertypricetostabilize). As a +852-2971 8950

cross-check, secondary listings in 50 cities and tier-1 cities are showing signs of slowing Jennifer Zhong

down or decline. (Figure 10Secondarylistingsacros50citiesgrowthisslowingdown). This echoes with our sector upgrade note. 1) increased Economist

industrial profits from AI-supply chain and positive wealth effect from AI/Tech sector that S1460516050002

benefits high-end property, 2) lower interest rates due to higher Housing Provident Fund jennifer-a.zhong@ubs.com

borrowing cap which benefits smaller unit secondary transactions. Recently, Shanghai +86-105-832 8324

and Shenzhen rental price stabilization further strengthen our investment thesis (Figure Ben Ho

17ShanghaiandShenzhenrentalpricesestabilization). Our stock picks are COLI (Key Call), CR Land and BEKE. Associate Analyst

ben.ho@ubs.com

Less drag on household balance sheet +852-3712 2819