J P M O R G A N Karl Chan AC (852) 2800-8513 karl.chan@jpmorgan.com Venus Choi (852) 2800-8599 venus.choi@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited See page 11 for analyst certification and important disclosures, including non-US analyst disclosures. Asia Pacific Equity Research 14 October 2026 China Property Expert call takeaways on Golden Week & market/policy outlook Following the Golden Week & the recent policies on mortgage subsidies (report) & p ...

Week 42 Wrap - Strong volume on seasonality yet leading indicators softened Key highlights for the week: Policy update: 1) Three more cities issued detailed city-level implementation rules for the Aug 28 reform (Shenzhen, Hangzhou and Ningbo), with broadly similar land payment schedule arrangements, old/new project classifications, maximum buyers' deposits ratio and escrow policies as precedent five cities. 2) Shandong Province announced the 15th FYP for urban renewal, highlighting all new housing supply sh ...

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 ...