M Update Marginal Help from Tax Refund on Housing Upgrade Key Takeaways Morgan Stanley Asia Limited+ Stephen Cheung, CFA Equity Analyst Stephen.Cheung@morganstanley.com +852 3963-0385 Cara Zhu Equity Analyst Cara.Zhu@morganstanley.com +852 2848-7117 January 14, 2026 10:30 AM GMT China Property | Asia Pacific China Property Asia Pacific Industry View In-Line Related reports: 1. 2026 Outlook: Physical Market Stays Challenging; Diverging Outperformance of Alpha Plays (10 December 2025) 2. Monthly Tracker: Nove ...