6 January 2026 | 7:12AM CST Equity Research CHINA PROPERTY WEEKLY WRAP Week 1 Wrap - Transactions c.30% below prior year level; Supportive notions and tax cuts to kick off new year Key highlights for the week: Central level policies: Recent article from senior policymaker via Qiushi magazine highlighted focus on stabilizing market expectations within the property sector, emphasizing 1) given the significant financial asset nature of housing, effectively managing market expectations is crucial for overall st ...

Vi e w p o i n t | China Property Dec Sales Beat on Luxury Home; VAT & Local Easing on Weaker Prices CITI'S TAKE Secondary sales -30%yoy & -1%mom in Dec — Transactions were impeded by price cuts (NBS index: -0.7%mom) & still-high 4.64mn units of listings (39 cities, despite -0.6%mom). Dec weekly volume was 24.3k units (18 cities), comparable to Jun'25; YTD25 avg was 23.6k units, -1.8%yoy (T1 cities: +2.6%; T2 cities: -5.7%). Policy: strives to stabilize property market; VAT cut — MOHURD's 2026 focus (23- De ...