中国房地产行业-内地：再经历两年下行周期；香港：选择性复苏-Real Estate Sector (Greater China)_ China_ Another Two Years of Downcycle; HK_ Selective Recovery

ab Global Research owered by UBS Evidence Lab YES P 27 February 2026 Greater China Property and Conglomerates China: Another Two Years of Downcycle HK: Selective Recovery Equities China Real Estate John Lam, CFA Analyst john-za.lam@ubs.com +852-2971 6358 Mark Leung Analyst mark.leung@ubs.com +852-2971 8636 Vera Gong, CFA Analyst vera.gong@ubs.com +852-2971 8950 Ben Ho Associate Analyst ben.ho@ubs.com +852-3712 2819 Hazel Tan, PhD Associate Analyst hazel.tan@ubs.com +852-3712 3058 This report has been prepar ...