October 7, 2026 08:01 AM GMT China Property | Asia Pacific Exhibit 1: Secondary home sales rose 50% y-y across 25 major cities on October 1-6 25-city monthly secondary sales Y-Y (k units) Oct 1-6 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Feb-24 Jun-24 Oct-24 Feb-25 Jun-25 Oct-25 Feb-26 Jun-26 300 250 200 150 100 50 - 100% 80% 60% 40% 20% 0% -20% -40% -60% -80% -100% Source: Bingshan, Morgan Stanley Research M Update Golden Week: Home Sales Grow, Secondary Market Leads Key Takeaways Growth in both mar ...

October 19, 2026 10:58 PM GMT China Property | Asia Pacific M Idea Deeper Declines in September; We Expect New Home Sales to Remain Weak in 4Q New home sales weakened further in September amid sluggish construction activity. We see recent housing policies to widen the K-shaped trends between new and existing homes, weighing on developers' sales and earnings outlook in the medium term. New home sales worsened further in September despite a low base: Rebased national sales fell 20% y-y by value and 21% y-y by ...