Property Data Monitor: Mainland China: Secondary listings in tier-1 cities further dropped; HK: high-frequency data softened

研报英文原文证据摘录

Property Data Monitor: Mainland China: Secondary listings in tier-1 cities further dropped; HK: high-frequency data softened

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

07 July 2026

Property Data Monitor

Mainland China: Secondary listings in tier-1 cities

further dropped; HK: high-frequency data softened

Mainland China Mainland China/Hong Kong Property

& Conglomerates

• Iceberg 10-city real-time secondary weekly sales (冰山指数实时二手成 Karl Chan AC

交) rose 14% Y/Y (last week: +18%). Tier-1 cities’ weekly sales grew 15% (852) 2800-8513

karl.chan@jpmorgan.com

Y/Y (Table 1Iceberg冰山指数实时二手每周成交大城市10-cityrealtimesecondaryweklysales(十)), with Shanghai outperforming (+20% Y/Y). Real-time sales J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

generally lead the trend of official sales registrations by a few weeks. Morgan Broking (Hong Kong) Limited

• Iceberg 10-city secondary listings (冰山指数二手挂牌量) were flat W/W. Venus Choi

Tier-1 cities’ listings dropped 0.4% W/W, driven by -2.2% W/W in Shenzhen (852) 2800-8599

venus.choi@jpmorgan.com

and -0.4% W/W in Shanghai (Table 2Iceberg冰山指数二手挂牌量大城市10-citysecondarylistingvolume(十)). The volume of secondary listings in J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

tier-1 cities has been consistently coming down (down 3.5% from the peak in Morgan Broking (Hong Kong) Limited

March), and this is a key factor that will support continual secondary home Jocelyn Gao

price stabilization. (852) 2800-8529

jocelyn.gao@jpmorgan.com

• 60-city primary sales registrations (一手网签) rose 27% Y/Y (last week: J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

-8% Y/Y) (more), mostly due to the month-end loaded nature of sales. Morgan Broking (Hong Kong) Limited

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