Property Data Monitor: Mainland China: Real-time secondary sales moderated; HK: Link REIT starts buyback

研报英文原文证据摘录

Property Data Monitor: Mainland China: Real-time secondary sales moderated; HK: Link REIT starts buyback

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

14 July 2026

Property Data Monitor

Mainland China: Real-time secondary sales moderated;

HK: Link REIT starts buyback

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 2% Y/Y (last week: +11%). Tier-1 cities’ weekly sales grew 4% Y/Y (852) 2800-8513

karl.chan@jpmorgan.com

(prior: +8% 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 (+8% Y/Y). Real- J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

time sales 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) mildly rose Venus Choi

0.1% W/W. Tier-1 cities’ listings dropped 0.2% W/W, driven by -1.4% W/W (852) 2800-8599

venus.choi@jpmorgan.com

in Shenzhen and -0.1% 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 J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

listings in tier-1 cities has been consistently coming down (down 3.8% from the Morgan Broking (Hong Kong) Limited

peak in March), and this is a key factor that supports price stabilization. APAC Credit Research

• 60-city primary sales registrations (一手网签) rose 10% Y/Y (last week: Alvin Au AC

+20% Y/Y) (more). (852) 2800-8533

alvin.au@jpmorgan.com

手网签dailysecondarysalesregistrations(二)) J.P. Morgan Securities (Asia Pacific) Limited• 12-city secondary sales registrations (二手网签) rose 10% Y/Y (Figure 712-city

(last week: +12%). YTD, 12-city secondary sales have risen 5% Y/Y Soo Chong Lim

(Shanghai: +15%).