Market Performance - The real estate sector (CITIC) experienced a weekly change of +0.9%, while the CSI 300 and Wind All A indices changed by +1.1% and +2.7%, respectively, resulting in excess returns of -0.2% and -1.9%[47] - Among 29 CITIC industry sectors, real estate ranked 20th in performance[47] New Housing Market - In the week from February 21 to February 27, 2026, the new housing transaction area in 36 cities was 780,000 square meters, showing a month-on-month increase of +431.2% but a year-on-year decrease of -69.3%[11] - Cumulative new housing transactions from February 1 to February 27, 2026, totaled 3.407 million square meters, down -41.0% year-on-year[11] - Year-to-date cumulative transactions as of February 27, 2026, reached 9.001 million square meters, reflecting a year-on-year decline of -33.6%[11] Second-Hand Housing Market - For the same week, the transaction area for second-hand housing in 15 cities was 804,000 square meters, with a month-on-month increase of +749.4% but a year-on-year decrease of -55.8%[16] - Cumulative second-hand housing transactions from February 1 to February 27, 2026, amounted to 3.627 million square meters, down -24.7% year-on-year[16] - Year-to-date cumulative transactions as of February 27, 2026, reached 10.475 million square meters, showing a slight year-on-year decline of -1.5%[16] Inventory and Depletion - The cumulative inventory of new homes in 13 cities was 76.847 million square meters, unchanged month-on-month but down -3.2% year-on-year[25] - The new home depletion cycle in these cities was 24.8 months, with a month-on-month increase of +0.6 months and a year-on-year increase of +8.4 months[25] Land Market - From February 23 to March 1, 2026, the land transaction area in 100 cities was 1.8585 million square meters, reflecting a month-on-month increase of +2033.5% but a year-on-year decrease of -26.5%[40] - The average land price was 1,734 yuan per square meter, with a month-on-month increase of +262.0% and a year-on-year decrease of -13.6%[40] - Year-to-date cumulative land transaction area as of March 1, 2026, was 15.9928 million square meters, down -18.0% year-on-year[40] Investment Recommendations - Recommended mainland developers include Binjiang Group and China Merchants Shekou for A-shares, and China Overseas Development and Greentown China for Hong Kong stocks[10] - Suggested light-asset operation companies include Greentown Service for property management and China Resources Vientiane Life for commercial management[10]