Xin Lang Cai Jing·2026-03-12 07:02Core Viewpoint - The secondary market demand is expected to continue improving and outperform the primary market, with the new housing market remaining stable this year. Buyers are likely to prefer state-owned enterprise projects. As market sentiment improves, leading private enterprises may accelerate their debt restructuring processes. The company maintains a positive long-term outlook on China Resources Land (01109/Buy) and Yuexiu Property (00123/Buy), which have shown strong sales performance and execution capabilities in recent years [1][6]. Group 1: Sales Data and Market Trends - In February, the total sales of the top 100 developers decreased from 1,822 billion RMB in January to 1,252 billion RMB, a month-on-month decline of 31.3% [2][7]. - The sales decline among the 20 tracked major listed developers was reduced to 27.4% month-on-month, primarily due to a decrease in sales area (down 11.1% month-on-month) and a drop in average sales price (down 26.5% month-on-month) [2][7]. - Among the top 10 developers by sales in February, 9 were state-owned enterprises, with Poly Developments ranking first. The market share of state-owned enterprises in the top 50 developers slightly decreased to 78.6% in February from 79.0% in January 2026 [2][7]. Group 2: Price Index and Policy Environment - According to the National Bureau of Statistics, the new residential price index for 70 major cities fell by 3.3% year-on-year and 0.4% month-on-month in January 2026, while the second-hand residential price index dropped by 6.2% year-on-year and 0.5% month-on-month [3][8]. - The real estate policy environment has turned broadly accommodative in February, with a focus on financial policies to support housing and economic recovery. The government work report released on March 5, 2026, emphasized the need to stabilize the real estate market [3][9].