ab 12 November 2025 Global Research China Property Another Two Years of Downcycle? Expect another two years of downcycle; Sales to decline 10%/ 5% in 2026/27E Housing price expectations have fundamentally changed. There are rising discussions among property agents and investors on rent and rental yields. See our APAC Focus note on the rental market. In mainland China, tier 1 cities' rental yield of 1.8% remains lower than mortgage rate of 3.1%, and rents still declined at 3% YoY as of Oct 2025. Hong Kong pr ...