Reinforced T-1 ASP resilience amid mixed May prints; Secondary listing vol picked up but still down yoy

研报英文原文证据摘录

Reinforced T-1 ASP resilience amid mixed May prints; Secondary listing vol picked up but still down yoy

Equity Research

16 June 2026 | 2:50PM CST

CHINA PROPERTY MONTHLY TRACKER

Reinforced T-1 ASP resilience amid mixed May prints; Secondary listing

vol picked up but still down yoy

Yi Wang, CFA

+86(21)2401-8930 |

yi.wang@goldmansachs.cn

Goldman Sachs (China) Securities

Company Limited

Shi Xu

+86(21)2401-8929 |

shi.x.xu@goldmansachs.cn

May 70-city primary ASP decline pace was similar to Apr/Mar while secondary Goldman Sachs (China) Securities

ASP decline widened sequentially, of which T1 remained strong; May primary

Kaiyan Jingsales (vol/val at -13%/-9% yoy) came slightly below/largely in-line with our +86(21)2411-8092 |

expectation, and sluggish construction activities were moderately below GSe; kaiyan.jing@goldmansachs.cnGoldman Sachs (China) Securities

secondary sales above GSe at +HSD% yoy; rent resilient in Tier-1 cities while Company Limited

continuing to trend lower in 50-cities; tracked developers’ landbanking intensity

mixed with margins remaining solid:

1) May ASP decline pace resembled both Apr and Mar in primary market at an

average -0.2% mom while widened sequentially to -0.3% mom in the secondary

market; of which, T1 cities continued to record solid performance, with

primary/secondary ASP at +0.2%/+0.3% mom (respectively 4th/3rd consecutive

month of positive mom), and T2 cities’ primary/secondary ASP decline pace was

similar to Apr at -0.1%/-0.2% mom in May. 13 Cities out of 70 cities recorded mom

positive or flat secondary price change in May (vs. 16/17 in Apr/Mar) and among

them, 10 cities had achieved 3 consecutive months of positive/flat mom through

Mar to May. We also note that Shenzhen and Shanghai registered broad-based