20 October 2026 | 5:11PM CST Equity Research CHINA PROPERTY 2027 Outlook: Four Key Pivot Points Driving a New Equilibrium Towards 2035 We expect four pivot points for China's housing market along the path to 2035E, as a result of the new sales model (here and here) introduced by the Chinese government on Aug 28, our new findings on the development progress of the inventory pipeline during this downturn, and our refreshed structural demand analysis. These four pivot points present a complex supply and demand ...

20 October 2026 | 5:13PM CST Equity Research CHINA PROPERTY Inventory structure and balance sheet depth differentiate ROE recovery path; ASP key to upside; Buy COLI, CRL, Jinmao, upgrade CMSK to Buy We expect sales model reforms (here and here) to slow ROE recovery across the housing sector. Our analysis of inventory, city exposure, and balance sheet suggests that companies with higher saleable resources, longer duration of land reserves, higher exposure to higher-tier cities, and lower leverage/debt repaym ...

29 September 2026 | 7:03AM CST Equity Research CHINA PROPERTY WEEKLY WRAP Week 39 Wrap - volume pulled back with weakening leading indicators; BJ/SH unveiled implementation rules for Aug 28 reform Key highlights for the week: Policy update: 1) Beijing and Shanghai issued city-level implementing rules for the Aug 28 reforms on Sep 24/28, respectively, covering: a) Land payments schedule extended with no interests: For residential land put up for sale after Aug 28, at least 50% is payable within 30 days of si ...