12 December 2025 | 6:59AM CST Equity Research CHINA PROPERTY MANAGEMENT 2026 Outlook: Back to basics to enhance growth/FCF visibility We expect PM coverage fundamentals to stabilize/improve in the coming years, despite the still challenging macro and housing market outlook. This is owing to: 1) multi-year efforts by companies to reduce their reliance on related developers and build a stronger capability for 3P project acquisitions and new segment expansion (2G). We expect related DPs' contribution for new b ...