Vi e w p o i n t | 15 Jul 2026 03:58:32 ET │ 16 pages China Property Jun NBS: Weaker Investment; Land Supply Constrains Volumes Position for sales growth and pickup in launches from Sep; look through weak 1H earnings — Our positive sector view is backed by (1) likely accelerating sales growth in Jul-Sep on resilient volumes in core cities and a favorable low base; (2) a stronger new launch pipeline from Sep; (3) likely supportive tone from Jul's Politburo meeting. Despite recent sector share price retreat, ...

NBS' 70-city primary-market weighted average property price change in June: -1.0% mom annualized (seasonally adjusted by GS), -3.3% yoy. May: -1.8% mom annualized, -3.5% yoy. 15 July 2026 | 1:31PM HKT Economics Research China: 70-city average primary property price decline narrowed further in June, with Tier-1 cities posting sequential gains Bottom line: The National Bureau of Statistics' 70-city house price data suggest the weighted average property price in the primary market fell by 1.0% mom annualized i ...

The industry data for June shows divergent trends. While home prices in tier-1 cities continued to see positive M/M growth (+0.1% in primary; +0.3% in secondary) for the fourth consecutive month (notably, not driven by nationwide easing), 70-city home prices showed divergent trends, with primary M/M decline narrowing but secondary M/M decline widening. Residential sales value dropped 14% Y/Y in June, softening from -8% Y/Y in May (below our forecast of <10% Y/Y decline), although the top 100 developers' sal ...