Greater China: Equity & Bond Property Wrap: Equity: China house market inventory pressure eased; Bond: OW GRNCH’28

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Greater China: Equity & Bond Property Wrap: Equity: China house market inventory pressure eased; Bond: OW GRNCH’28

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Greater China: Equity & Bond Property Wrap

Equity: China house market inventory

pressure eased; Bond: OW GRNCH’28

Industry Overview

China house market inventory pressure eased 15 July 2026

According to CRIC Chairman Mr. Ding Zhuyu, the supply-demand imbalance in China’s Cross Asset Research

residential property market is beginning to ease in certain cities. Based on the ratio of Greater China

unsold residential GFA with pre-sale permits to average monthly sales over the past 12 Real Estate/Property

months, the average inventory turnover period across 30 key cities stood at 23.9 Credit Research

months. Among these cities, Hangzhou and Hefei recorded inventory turnover periods of Sirius Chan

less than 12 months, while Changsha, Ningbo, Chengdu, Changchun, Shanghai and ResearchMerrill LynchAnalyst(Hong Kong)

Tianjin were all below 20 months. In addition, Mr. Ding noted that, based on listing data +852 3508 3100

sirius.chan@bofa.com

from 15 key cities, the total volume of residential listings has declined by around 20%

Joyce Liang

from its respective peak level. — Karl Choi (Equity Research) Research Analyst

Merrill Lynch (Singapore)

Southbound investors prefer China developers vs. HK ones joyce.liang@bofa.com

Equity Research

As of July 13, southbound interest in China property stocks continued to improve, with Karl Choi, CFA >>

average southbound ownership rising by 0.07 percentage points from the end-June level, Research Analyst

Merrill Lynch (Hong Kong)

following a 0.22 percentage point increase during June. The names that have attracted +852 3508 3108