China Property Weekly Wrap

This report details a temporary pullback in China's property market transaction volumes for Week 25, largely attributed to the Dragon Boat Festival holiday. Despite headline declines, underlying momentum indicates growth, though completions and new starts continue to trend downward year-over-year.

Key Takeaways

• 1.Market activities experienced a sequential pullback due to the Dragon Boat Festival, but underlying momentum showed resilience.
• 2.Chinese property developers' share prices remain at valuation troughs, with significant discounts to NAV observed across offshore and onshore coverage.
• 3.Completion and new start activities for June 2026 are trending downward on a year-over-year basis.

Table of Contents

• Market performance
• Key data points
• Implications
• Primary market Week 25
• Secondary market: Week 25/YTD volumes
• Inventory Week 25
• MTD GSPC implies c.20% yoy decline/-1% yoy in completions for June-26/FY26E per GSe
• Valuations: P/B valuation at downturn trough
• Disclosure Appendix

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