China Real Estate: Property stabilisation broadens; Stay constructive

研报英文原文证据摘录

China Real Estate: Property stabilisation broadens; Stay constructive

15 July 2026

China Real Estate EquitiesREMD

Property stabilisation broadens; Stay constructive China

◆ Broadening price stabilisation and narrower home price Michelle Kwok*

decline reinforce our constructive view on the sector Head of Asia Real Estate and HK Equity Research The Hongkong and Shanghai Banking Corporation Limited

michellekwok@hsbc.com.hk

◆ Retail sales regained growth momentum, beating low +852 2996 6918

expectations; upside hinges on concrete fiscal support Oliver Yu*

Analyst, Asia Real Estate

The Hongkong and Shanghai Banking Corporation Limited

◆ Prefer CRL and C&D (both Buy); maintain Hold on CR Mixc oliver.y.o.x.yu@hsbc.com.hk

+852 2288 2050

Broadening new home price stabilisation. The June NBS release suggests that StephenAnalyst, AsiaWang*,RealCFAEstate

stabilisation in new-home prices is becoming more broad-based. The number of The Hongkong and Shanghai Banking Corporation Limited

stephen.wang@hsbc.com.hk

cities reporting m-o-m gains rose to 20 (Figure 2), the highest since May 2025, +852 2284 1675

indicating that stabilisation is spreading. Encouragingly, tier-2 cities improved to Brian Yu*

almost flat m-o-m after 13 consecutive months of declines. We see this as an early Associate, Asia Real Estate Research

sign that stabilisation is beginning to spill over beyond top-tier markets, an important brian.d.yu@hsbc.com.hk

precondition for a more durable sector recovery. By contrast, secondary home prices +852 28227281

remain under pressure, but this is broadly in line with our expectations given ample Charlotte Ye*

Associate

supply and comparatively weaker product quality versus new homes. Overall, we Guangzhou