China Property Weekly Wrap

China's property market shows stable transaction volumes but weakening leading indicators and price expectations. Shanghai's trade-in policy is making progress, and valuations remain at historic lows.

Key Takeaways

• 1.Leading indicators in the secondary market are showing a broad-based deceleration, with visits and subscription sales down 7% week-over-week.
• 2.Shanghai's housing trade-in program is progressing, with 523 units acquired in pilot districts, specifically targeting urban renewal and higher rental yield units.
• 3.China developer valuations have hit historic troughs, trading at an average of 0.5x to 0.6x 2026E P/B.

Table of Contents

• Key highlights for the week
• Key data points
• Implications
• Primary market Week 21
• Secondary market: Week 21/YTD volumes
• Inventory Week 21
• MTD GSPC implies high-teens % yoy decline
• Valuations: P/B valuation at downturn trough
• Disclosure Appendix

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