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 ...

Core Insights - UBS Group AG's India subsidiary has leased an entire commercial tower in Pune's Yerwada micro market for over Rs 263 crore, indicating a significant investment in managed office spaces [6] - The lease spans approximately 165,290 sq ft, accommodating around 1,520 seats, and commenced on January 15 [6] - The agreement includes a starting rental of about Rs 240 per sq ft per month with a 5% annual escalation over a five-year period [6] Lease Details - The lease covers the ground floor to the seventh floor of the building and includes a lock-in period of 60 months for Smartworks Coworking Spaces Ltd, while UBS has a 30-month lock-in commitment [6][5] - UBS has paid a security deposit of approximately Rs 23.8 crore, equivalent to six months' rent [6] - As part of the sub-lease agreement, UBS will have external signage rights on the building [6] Market Trends - The transaction highlights the increasing trend of enterprise-grade managed office deals in India, with multinational companies outsourcing workplace management to specialized operators [5] - Long-term enterprise contracts provide workspace providers with predictable occupancy and stable cash flows, while offering occupiers benefits such as faster expansion and lower upfront capital expenditures [5] - The Yerwada and Airport Road micro market is becoming a key office corridor in Pune, benefiting from proximity to the airport and established IT and business parks [6]

Core Viewpoint - Chongqing has introduced 22 new policies to stabilize the real estate market, focusing on optimizing housing supply, reducing purchasing costs, encouraging "selling old to buy new," and revitalizing existing stock [1][3]. Group 1: Demand-Side Measures - The new policies aim to lower the costs of purchasing and exchanging homes through subsidies, increased support for public and commercial loans, and tax incentives to promote housing consumption and support both rigid and improved housing demand [2][3]. - Subsidies include a 20,000 yuan incentive for families with two children and a 30,000 yuan incentive for families with three children who purchase new homes in the central urban area [3]. - First-time homebuyers in the central urban area without previous purchase records will receive a subsidy of 0.5% of the total transaction amount of the new home [3][4]. Group 2: Loan and Tax Policies - The new policies optimize housing provident fund loan policies, allowing families with existing housing in the district to reduce the recognized number of homes by one when applying for loans [4]. - Increased credit support for housing loans will be provided, ensuring that families without any complete homes in the local area can apply for loans under the first-home policy, regardless of previous loan usage [4][5]. - A personal income tax refund policy will be implemented for those selling their homes and purchasing new ones within one year, with full refunds for taxes paid if the new home price is equal to or greater than the selling price of the old home [5]. Group 3: Jiangsu Province Initiatives - Jiangsu Province is also working on dynamic improvements to real estate support policies, focusing on stabilizing market confidence and expectations through tailored strategies for different regions and demographics [6]. - The provincial government emphasizes the importance of revitalizing existing land use and promoting housing quality improvement initiatives [6].

A real estate project under construction along the ancient Huai River in Huai'an City, Jiangsu Province, China on January 29, 2026.BEIJING — S&P Global Ratings has lowered its forecast for China property sales this year, barely two months into 2026.The firm said Sunday that primary real estate sales will likely drop by 10% to 14% this year, worse than the 5% to 8% decline for 2026 sales predicted back in October."This is a downturn so entrenched that only the government has capacity to absorb the excess inv ...

Company Developments - Kroger Co. is set to appoint Greg Foran, a former Walmart executive, as its new CEO, following a year-long search for leadership. This move aims to enhance Kroger's strategy in a competitive retail environment, particularly focusing on fresh food and store efficiency. Kroger shares rose nearly 3% in premarket trading after the news [3][7] - Eli Lilly's shares increased by 2.2% in premarket trading after Hims & Hers Health Inc. withdrew its weight-loss pill, reducing competition in the weight-loss drug market. This withdrawal follows a terminated partnership with Novo Nordisk due to concerns over marketing practices, potentially benefiting Eli Lilly's weight-loss treatments like Zepbound [4][7] Market Sentiment - The Eurozone's investor sentiment improved significantly, with the Sentix Investor Confidence index rising to 4.2 in February, surpassing the estimated 0.0 and increasing from -1.8 the previous month. This indicates growing optimism among investors regarding the Eurozone's economic outlook [5][7] Political and Economic Context - The British Pound and UK Gilts are under pressure due to a leadership crisis involving Prime Minister Keir Starmer, which has increased political risk premiums in the currency and bond markets. The resignation of Starmer's adviser amid controversy has heightened uncertainty, potentially affecting public debt sustainability [6][8] - Fitch Ratings upgraded China Vanke's Long-Term Foreign-Currency Issuer Default Rating to 'CC', indicating a very high level of default risk. Despite the upgrade, the company faces significant financial challenges, including a profit warning projecting a net loss for 2025 [9]

2026年第5周（2.2-2.8），中央层面，2月3日国务院明确严禁农村集体经营性建设用地入市建设商品住房，规范农村宅基地管理 与资源盘活；2月4日住建部联合共青团中央座谈，从配租、配售两端保障青年住房需求，大力发展保障性租赁住房、公租房与配 售型保障房，支持地方适配多孩家庭增加保障房面积。 地方层面，本周有14个省市出台了稳市场政策：四川、天津、海南等多地将商业用房购房贷款首付调至不低于30%；上海启动收 购二手房作保障房；福建出台18条稳市政策并加码城市更新；辽宁、深圳等推进"好房子"建设；中卫、甘肃、天津等多城优化公 积金政策，提额、放宽首套认定并扩大提取范围；佛山推出项目缓建等房企纾困举措。 | 日期 | 部委/省市 | 主要内容 | | --- | --- | --- | | 2月3日 | 中共中央、 国务院 | 严禁农村集体经营性建设用地入市用于建设商品住房 | | 2月4日 | 任建部、共 | 共商青年安居与"好房子"建设 | | | 青团中央 | | | ２月２日 | 福建省 | 六方面 18条稳市场,鼓励搭建"卖旧换新"平台 | | ２月２日 | 四川省 | 调整商业用房购房贷款最低首付款比 ...

2026年开年，房地产市场出现了一些变化。二手房挂牌量在重点城市有所下降，北京从2025年9月的14万多套减到2026年1月的12万多套，上海挂牌量连续四 个月回落，到1月底大约33万套。 克而瑞数据表明，2025年30个重点城市二手房成交面积达到2.14亿平方米，这是近五年最高值，一线城市成交反弹明显，上海和深圳分别涨7%和4%。 全国商品房成交面积2025年约8.9亿平方米，回落到2009年水平，住宅部分7.4亿平方米，像2007年那样。 北京新政后，周末楼盘到访和二手房带看增加，网签日均702套，涨37%。二线城市新房成交领先，如成都，但整体新房均价平，一线微涨2%。 三四线库存大，去化周期长。剔除无效库存，商品房有效库存约50亿平方米，年销售面积五六倍，算健康。 2025到2026年，新开工、销售面积预测，用工具去库存：收储2亿平方米，城中村改造0.8亿平方米，专项债回收土地8.5亿平方米。 到2026年底，广义库存降到9.6亿平方米，去化周期13.7个月，降15个月；超广义14.1亿平方米，周期20.2个月，降24个月。 开发商和二手业主降价避险，房价跌。地产政策宽松接近底，限购只剩京沪深大限制，首 ...

Core Insights - Msheireb Downtown Doha has successfully concluded its winter season, attracting 5 million visits from November 2025 to early February 2026, establishing itself as a premier destination for both residents and tourists in the GCC region [1][2] Group 1: Visitor Engagement and Experience - The district's hotels achieved occupancy rates above 95% during November, December, and January, reflecting a significant year-on-year increase from 2024 to 2025, driven by a mix of GCC guests and international visitors [2] - The winter season featured a variety of activities, including sports, art, and cultural events, aimed at creating a people-centric urban environment that celebrates local identity [3] - Key attractions included the Baraha Premium Fan Zone and Sikkat Wadi Msheireb, which hosted live screenings and interactive activities during the Arab Cup 2025 [4] Group 2: Family and Community Activities - Families enjoyed the second year of Sweet Sikka at Sahat Al Nakheel, featuring interactive games, while Barahat Msheireb hosted the fourth edition of Baraha Cinema with outdoor screenings [5] - National celebrations for Qatar National Day included interactive installations and live performances, enhancing community engagement [6] - Msheireb Museums welcomed over 70,000 visitors, showcasing exhibitions and educational workshops, further promoting cultural engagement [7] Group 3: Unique Offerings and Events - Hosh Msheireb provided a boutique glamping experience, featuring cabanas and storytelling activities, appealing to families seeking a cozy escape [8] - The winter season concluded with Art Basel Qatar, marking the fair's first edition in the MENASA region, featuring 87 international exhibitors and 84 artists, bridging regional tradition with contemporary art [9][10]

Group 1 - The core initiative is the "Welcoming the New Year, Changing to a New Home" promotional series organized by the Qingdao Housing and Urban-Rural Development Bureau, aimed at stimulating housing consumption during the Spring Festival period [1][4] - On February 7, a promotional event was held in Laoshan District, featuring real estate policy promotion and project recommendations, showcasing over 50 housing units with various incentives such as fixed-price listings, discounts, and appliance packages [1][3] - The promotional activities are part of a broader strategy that will run from February to March 2026, utilizing both online and offline methods to enhance policy awareness and project promotion across the city [4] Group 2 - A joint event by the Qingdao Housing and Urban-Rural Development Bureau and Qingdao Municipal Development Group was held to promote affordable housing, providing policy explanations and project introductions to assist eligible citizens [3] - Future plans include continued promotion of housing policies and project displays at transportation hubs, as well as organizing various housing exhibitions and sales events to create a favorable environment for housing consumption [6]

Core Viewpoint - The Huizhou Dongping Guangyao Feili Port project, which has been stalled for 12 years, was successfully auctioned for 202 million yuan after three previous failed attempts, with the buyer required to complete construction within two years [1][10]. Group 1: Auction Details - The auctioned assets include 110 real estate units and 2,500 square meters of land use rights, with a total assessed value of 394 million yuan and a starting bid of 202 million yuan [4]. - The buyer is obligated to commence construction within two months and complete the project within 24 months, or face penalties including forfeiture of the deposit [4][5]. Group 2: Funding and Financial Aspects - The project owner has initiated a crowdfunding campaign to raise 15 million yuan to support the reconstruction efforts, with contributions required from all homeowners [6][8]. - The estimated reconstruction cost has increased by 20% from the original assessment, now totaling approximately 1.34 billion yuan [8]. Group 3: Historical Context - The Guangyao Feili Port project has faced multiple setbacks since its inception in 2014, including three failed auctions and two previous attempts at resuming construction that did not succeed [10][12]. - The project covers an area of 76,000 square meters with a total construction area of about 300,000 square meters, consisting of high-rise buildings and villas [12].