February 25, 2026 05:05 PM GMT China Property | Asia Pacific Monthly Tracker: Mixed January Data; Sustainability in Doubt (+) Home sales decline narrower on low base due to CNY calendar effect: CREIS 65-city primary sales volume fell 22% y-y (vs. -36% y-y in December) and 33-city secondary sales volume increased 2% y-y (vs. -33% y-y in December) on a low base. (+) Milder home price decline on seasonality: NBS 70-city primary home prices fell 3.0% y-y and 0.4% m-m (vs. -0.4% m-m in December) and secondary pr ...

Vi e w p o i n t | 25 Feb 2026 04:58:06 ET │ 13 pages China Property Turning Around: More Likely to Stabilize with Volume Bounce on Policy CITI'S TAKE Expect more broad-based sales volume bounce in Mar on policy tailwinds — The physical market in Jan proved our view was too skeptical & we have now turned more positive on China Property. Fundamentally, we see better CNY sales in key cities, improved secondary sales from Jan, decrease in secondary listings & expect new home sales to improve in Mar/Apr given p ...

25 February 2026 | 7:02AM CST Equity Research CHINA PROPERTY WEEKLY WRAP Week 7 & 8 Wrap - Positive CNY sales performance against undemanding 2025 base Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other ...

10 February 2026 | 7:37AM CST Equity Research CHINA PROPERTY WEEKLY WRAP Week 6 Wrap - Slower turnover ahead of CNY but sentiment held steady Key highlights for the week: In line with the deceleration in leading indicators in recent weeks and seasonal effects ahead of CNY, market activities slowed broadly with primary volume falling 4% wow (22% below the average level recorded in the 2 weeks before CNY-2025), and secondary volume declining 3% wow (4% below the same pre-CNY 2025 level). Leading indicators al ...

Summary of Conference Call on China Property Market Industry Overview - The conference call focused on the **China Property** market, specifically the performance of major property developers in January 2026 and expectations for the first quarter of 2026 [1][2]. Key Points Sales Performance - Contracted sales for the 25 major developers tracked fell **32% year-on-year (y-y)** in January 2026, despite a low base due to the Chinese New Year (CNY) calendar effect [1][2]. - The top 50 and top 100 developers experienced declines of **26% and 29% y-y**, respectively, in January, compared to **-22% and -29%** in December [2]. Divergence in Developer Performance - State-Owned Enterprises (SOEs) outperformed other developers with milder declines. Notable performers included: - **China Overseas Land & Investment (COLI)**: +20% y-y - **Jinmao**: +14% y-y - **CR Land**: +0.4% y-y - Conversely, developers like **Sunac**, **Shimao**, **CIFI**, **Midea RE**, and **GZ R&F** reported declines exceeding **50% y-y** [3]. Market Outlook - The physical property market is expected to continue its downtrend in 2026-27, with projected declines of **8% and 6% y-y** in secondary home prices [4]. - A meaningful nationwide housing policy is anticipated to remain muted in the coming months, contributing to fragile buyer sentiment and increased inventory [4]. Investment Sentiment - Recent sentiment-driven outperformance in the China property industry is viewed as unsustainable, with expectations of a sector pullback as results season approaches [5]. - The focus remains on quality names with credible self-help stories, such as: - **CR Land (1109.HK)** - **Seazen (601155.SS)** - **C&D International (1908.HK)**, which is seen as a consolidator in the residential market with optimized landbanks [6]. Additional Insights - The analysis indicates that home prices in tier 1 and select tier 2 cities could stabilize in the second half of 2027 if the macro environment remains resilient [4]. - The overall sentiment in the market is cautious, with expectations of continued challenges for developers, particularly those with weaker brand recognition and fewer saleable resources [5][6].

Summary of China Property Sector Conference Call Industry Overview - **Industry**: China Property Sector - **Key Focus**: Market expectations, policy changes, sales performance, and investment opportunities Core Insights 1. **Investor Positioning**: Many investors in Hong Kong, Singapore, and overseas have been underweight in the China property sector, while sectors like metals, mining, tech, and healthcare are well-owned. There is a shift towards increasing exposure in the property sector due to fear of missing out on potential recovery [1][2] 2. **Sales and Investment Trends**: Secondary sales improved in January, with a month-on-month increase compared to December. However, new home sales remain weak, with a year-on-year decline of approximately 30% expected to persist into Q1 2026 due to last year's high base [2][4] 3. **Policy Easing Expectations**: Positive market sentiment in January was driven by expectations of policy easing, including VAT cuts and adjustments to down payment requirements for commercial properties. The easing of the "three red lines" policy indicates that deleveraging targets may have been met [2][15] 4. **Opportunistic Window**: There is a belief that an opportunistic window may exist from January to March before the National People's Congress meeting and FY25 earnings reports, suggesting potential for strategic investments during this period [2] 5. **Stock Picks**: Recommended stocks include China Overseas Land & Investment (COLI), Jinmao, and Greentown, which are expected to benefit from land acquisition growth and ample saleable resources in 2026. CR Land is noted for its strong fundamentals but is already well-owned [3] 6. **Secondary Market Activity**: Secondary transaction volumes improved to approximately 26,038 units in the week ending January 25, 2026, reflecting a 19% year-on-year increase. This is seen as a positive sign for market confidence [3][9] 7. **New Home Sales Performance**: New home sales increased by 15% week-on-week but are still down approximately 30% year-on-year. The primary sales trend remains uncertain and is not yet sustainable [4][11] 8. **Land Acquisition Trends**: Significant increases in land acquisition costs were noted for several companies, with Jinmao seeing a 78% increase year-on-year. In contrast, Vanke and Longfor reported substantial declines in land acquisition values [17] Additional Important Points - **Policy Support**: Recent supportive policies include lowering the minimum down payment for commercial property mortgages and extending tax refund policies for home buyers [15][16] - **Market Sentiment**: The market's positive response to policy changes indicates a potential shift in investor sentiment towards the property sector, despite ongoing challenges in new home sales [2][4] - **Valuation Insights**: The sector's valuations are being closely monitored, with recommendations varying from buy to neutral based on individual company fundamentals [20] This summary encapsulates the key discussions and insights from the conference call regarding the China property sector, highlighting both opportunities and ongoing challenges.

30 January 2026 | 5:15PM CST Equity Research China Property: 3RL removal not new, but raise market expectations on timely policy support to strengthen YTD positive momentum On Jan 28th, onshore news reported that multiple property developers (spanning SOE/POE entities of stable/distressed operating conditions) confirmed that central regulators no longer require monthly submission of "Three-Red-Lines" ("3RL") indicator data. Our conversations with a couple of developers indicate that such monthly reporting h ...

Vi e w p o i n t | 29 Jan 2026 01:59:47 ET │ 13 pages China Property Three Red Lines to Ease but Unlikely to Leverage Up for Investment in ST CITI'S TAKE Policies pacing up: talk of easing "three red lines" — Property firms are no longer required to report "three red lines" indicators to authorities (Bloomberg, 29 Jan). We note the "three red lines" were implemented since Aug'2020 in an aim to limit debt and encourage sector deleveraging. Indeed, after the Qiushi Journal article (link) that set a supportive ...

Summary of Key Points from the Conference Call Industry Overview - **China Equity Strategy**: The 2026 JPM China Opportunity Forum highlighted a constructive outlook on China equities, emphasizing thematic trades such as leading exporters, beneficiaries of AI infrastructure capital expenditure, anti-involution strategies, K-shaped consumption recovery, and property market upside optionality [2][7]. Core Insights - **AI Ecosystem**: The memory and ESS (Energy Storage Systems) sectors are benefiting from global AI capital expenditure demand. Notable trends include a memory up-cycle and rising localization. However, consumer electronics and automotive sectors are facing component cost increases and lower trade-in subsidies year-on-year [6][14]. - **Anti-involution Strategies**: Companies like H World and Atour are shifting to rational pricing strategies to enhance market share. Home appliance brands are focusing on innovation rather than price cuts. The solar industry is also expected to see continued anti-involution efforts [6][31]. - **Consumption Trends**: Leading brands are innovating and optimizing to counteract soft domestic demand, with a focus on overseas growth. The "Liberation Day" in April 2025 is noted as a potential trigger for a future recovery in consumer confidence [6][29]. - **Healthcare Sector**: Drug innovation is a key growth driver for pharmaceutical companies, with a focus on launching new drugs and expanding into overseas markets. Healthcare service providers are gradually recovering, aided by technology upgrades [35][38]. - **Humanoid Robots**: China leads in global humanoid robot shipments, driven by government orders. The sector faces challenges in commercialization and scalability, but industrial applications are expected to show strong potential [40][41]. Important Data Points - **Smartphone Market**: Global smartphone shipments are expected to decline by 0.9% in 2026, with iPhones projected to outperform Android devices. JPM forecasts iPhone EMS builds at 251 million units for 2025, a 6% year-on-year increase [14][15]. - **Automotive Sales**: A slow start for passenger vehicle sales in 2026 is anticipated, with a forecasted decline of 24-29% quarter-on-quarter in Q1 2026 [15]. - **Energy Storage Systems**: Global ESS battery shipments are projected to grow over 40% to approximately 900 GWh in 2026, driven by policy momentum in China and strong orders from Europe [19]. - **Semiconductor Market**: The semiconductor industry is expected to see divergent dynamics, with consumer electronics facing softness while memory and foundry segments show strength. Average DRAM pricing is forecasted to increase by approximately 60% year-on-year in 2026 [20][21]. Company-Specific Insights - **Top Picks**: J.P. Morgan's preferred companies include Zhongji Innolight, NAURA, and CATL, among others, with various ratings and market caps provided [8][10][11][13]. - **Healthcare Innovations**: Companies like Hansoh are targeting over 80% of revenue from innovative medicines by FY25, with a robust pipeline in oncology and diabetes [35][37]. Additional Considerations - **Cost Management**: Companies are overcoming upward cost pressures through process optimization and effective cost pass-through strategies in export markets [34]. - **Global Expansion**: Chinese brands are increasingly building capacity and expanding distribution in emerging markets, with notable investments in ASEAN production bases [33]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current landscape and future outlook for various sectors within the Chinese market.

27 January 2026 | 6:56AM CST Equity Research CHINA PROPERTY WEEKLY WRAP Week 4 Wrap - Transactions improved across markets but leading indicators showed slowing signs Key highlights for the week: Central level: the MNR and MOHURD jointly released new measures to further support urban renewal with enhanced execution flexibility. Key points include: 1) more flexible land transition policies, whereby the original 5-year fixed transition period, during which land use and planning conditions could not be altered ...