Property Data Monitor: Mainland China: real-time secondary sales +13% YY; HK: rental growth accelerated in May, but weekly secondary sales softened

研报英文原文证据摘录

Property Data Monitor: Mainland China: real-time secondary sales +13% YY; HK: rental growth accelerated in May, but weekly secondary sales softened

J P M O R G A N Asia Pacific Equity Research

17 June 2026

Property Data Monitor

Mainland China: real-time secondary sales +13% Y/Y;

HK: rental growth accelerated in May, but weekly

secondary sales softened

**For this week onwards, we'll start including real-time secondary sales data (实 Mainland China/Hong Kong Property

时二手成交) & secondary listing volume from Iceberg index (冰山指数). Real- & Conglomerates

time sales data typically leads official data on sales registrations (网签) by a few Karl Chan AC

weeks. (852) 2800-8513

karl.chan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Mainland China Morgan Broking (Hong Kong) Limited

Venus Choi

• Iceberg 10-city real-time secondary weekly sales (冰山指数实时二手成 (852) 2800-8599

交) rose 13% Y/Y (down from +16% Y/Y). Tier-1 cities’ weekly sales venus.choi@jpmorgan.com

increased 14% Y/Y (down from +19%), led by Shanghai (+18% Y/Y, up from Morgan Broking (Hong Kong) Limited

+16%) (Table 1Iceberg冰山指数实时二手每周成交大城市10-cityrealtimesecondaryweklysales(十)). Real-time sales generally lead the trend of official sales Jocelyn Gao

registrations by a few weeks. (852) 2800-8529

• Iceberg 10-city secondary listings (冰山指数二手挂牌量) went up 0.2% jocelyn.gao@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P.

W/W after a 0.3% decline over the past 2 weeks. Tier-1 cities’ listings were flat Morgan Broking (Hong Kong) Limited

W/W, while Shanghai’s dropped another 0.6% W/W (prior: -0.4%). The APAC Credit Research

overall listing volume remains on a downtrend, which is supportive for AC Alvin Au

secondary price stabilization (Table 2Iceberg冰山指数二手挂牌量大城市10-citysecondarylistingvolume(十)).