China Property and Property Management: 1H26 results preview: Look through the earnings

研报英文原文证据摘录

China Property and Property Management: 1H26 results preview: Look through the earnings

Global Research

24 July 2026ab

China Property and Property Management Equities

China1H26 results preview: Look through the earnings

Real Estate

John Lam, CFA

Developers: booking decline and margin pressure Analyst

We estimate Chinese developers' 1H26 earnings to decline by 26% YoY due to a decline john-za.lam@ubs.com

in revenue booking and margin pressure. Earnings divergence among developers +852-2971 6358

remains, depending on 1) investment property portfolio, 2) disposal gains, and Vera Gong, CFA

3) impairment. Among developers, we expect the best performer is CR Land with 1H26 Analyst

earnings flattish YoY supported by disposal gains, followed by C&D International (-8% vera.gong@ubs.com

YoY), COLI (-10% YoY), Seazen (-16% YoY). (See Figure 2Chinesedevelopers'1H26earningspreview for details). We revise down +852-2971 8950

C&D International, Longfor, Jinmao, Greentown China, Seazen and Yuexiu Property's Mark Leung

2026-2028E earnings on the back of this 1H26 earnings preview. Analyst

mark.leung@ubs.com

Managers: Residential property management pressure remains +852-2971 8636

For CR Mixc, we expect +10% earnings growth in 1H26E, based on 8% same mall retail Ben Ho

sales growth, and accelerated expansions of third-party mall management contracts, Associate Analyst

whilst we expect its property management business to remain largely stable. Excluding ben.ho@ubs.com

+852-3712 2819

CR Mixc, we expect residential property managers under our coverage to decline by 1%

YoY, vs 0%/ -1% in 1H25/ FY25, due to property management (PM) margin pressure,

weaker cash collection, terminated GFA and slower value-added services (VAS) growth.