HU-GTWN@EC2610B

CT IND GROUP

KEEN OCEAN

EPI (HOLDINGS)

MOBI DEV

MS CONCEPT

NANFANG COMM

CCOE

HK ENT INTL

IDT INT'L

PUTIAN COMM

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Dahonghui's Liang Shaohong sold a four-bedroom mansion located at Mount Nicholson for HKD 323 million, with a usable area of 4,564 square feet, at a price per square foot of approximately HKD 71,209. The unit was purchased in 2016 for about HKD 312 million, held for about 10 years, with a book profit of approximately HKD 11 million, but after deducting related expenses, the actual profit was about HKD 5 million. The buyer is EARTHSTONE LIMITED, with Fu Songyang as the director

AASTOCKS

WHARF REIC

WHARF HOLDINGS

HARBOUR CENTRE

GREENTOWN CHINA

"Harbour Mansion" Da Honghui Liang Shaohong sold Mount Nicholson four-bedroom mansion for HKD 323 million

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Hysan Development sold 2,307 units last year, with sales exceeding HKD 26.5 billion, an increase of approximately 20% year-on-year. Property sales accounted for HKD 26.113 billion, with an additional 62 parking spaces sold. Vice Chairman Huang Guangyao stated that the Hong Kong property market performed well, with the price index steadily rising and rents reaching new highs. Hysan will launch 4 new projects this year, including the 6B phase of Deep Water South "GRANDE BLANC" on Hong Kong Island

China Southern CSI All Share Real Estate ETF

Yinhua CSI Interior Real Estate Theme ETF

ChinaAMC CSI All Share Real Estate ETF

GF CSI All Share Financials ETF

Hwabao WP CSI 800 Real Estate ETF

"Harbour Building" K. Wah International sold a total of 2,307 units last year and will launch 4 new projects this year

Liang Zhijian, Chairman of Cheung Kong Property, expects Hong Kong property prices to rise by 8% to 10% this year. He pointed out that the Hong Kong real estate market has significantly recovered, with both prices and transaction volumes increasing. Despite ongoing global political changes, Hong Kong is supported by mainland China and is actively developing the Middle Eastern market. Regarding the government's fiscal budget proposal, he believes the impact on real estate will be minimal, especially concerning the increased stamp duty on residential property transactions over HKD 100 million. He is confident that luxury home buyers will still enter the market, and developers will continue to pay attention to policy changes

In "Hong Kong Property," Cheung Kong's Liang Zhi Jian expects property prices to rise by 8% to 10% this year

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Greentown China Logs 9.7 Billion Yuan in January Sales

marketscreener

GREENTOWN MGMT

Greentown China Logs 9.7 Billion Yuan in January Sales

Greentown China Holdings Limited reported a total sales area of approximately 470,000 square meters and a total contract revenue of about 9.7 billion RMB for January 2026. The company sold 1,179 units in self-investment projects, with a sales area of around 180,000 square meters at an average price of about 34,345 RMB per square meter. Monthly revenue was approximately 6.1 billion RMB, with a contracted sales area of 220,000 square meters generating around 6.3 billion RMB in revenue. Additionally, subscription sales amounted to 2.8 billion RMB, and project management sales reached about 3.4 billion RMB. The reported data is preliminary and unaudited.

Reuters

Greentown China meldet Verkaufsumsatz von 9,7 Milliarden RMB im Januar 2026

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Greentown China Holdings Limited has announced a framework agreement for the ongoing provision of decoration and installation services for China Communications Construction Group (CCCG) and its subsidiaries and affiliates. This agreement is effective from February 3, 2026, to December 31, 2028. Individual projects will be governed by separate contracts subject to applicable bidding and procurement regulations.

CCCC

CHINA COMM CONS

Greentown China Holdings Limited kündigt Rahmenvereinbarung zur Erbringung von Dekorations- und Installationsdienstleistungen an

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Morgan Stanley pointed out that the recent upward trend in the domestic real estate sector is difficult to sustain, and it is expected that residential sales and housing prices will decline in the coming months. Despite improved investor sentiment and a rebound in residential sales, the diminishing effects of policies and seasonal factors will impact the market. The bank holds a pessimistic view on the annual performance of mainland real estate companies, believing that profits will decline significantly. In terms of investment ratings, C&D International Group and CHINA RES LAND are viewed positively, while GREENTOWN CHINA and CHINA JINMAO are recommended for reduction

CHINA RES LAND

CHINA RES MIXC

C&D INTL GROUP

CHINA JINMAO

Morgan Stanley: The recent upward trend in the real estate sector is difficult to sustain, and residential sales and property prices are expected to decline in the coming months

Citi released a research report stating that mainland property companies are no longer required to report the "three red lines" indicators monthly. The policy aims to limit debt and encourage deleveraging. Although the pace of policy implementation has accelerated, restoring investment will still take time, and state-owned enterprises must comply with leverage requirements, making the possibility of increasing leverage in the short term low. Citi believes that the cancellation of the "three red lines" will have a limited impact on the industry's fundamentals but may boost market sentiment. It is expected that profit forecasts will be revised down from January to March this year, with preferred domestic property stocks including China Jinmao and Greentown China

Citigroup expects that the relaxation of the "three red lines" policy in mainland China will have limited impact on the fundamentals of the industry, and the possibility of increasing leverage for investment in the short term is not high

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Hong Kong stocks rose significantly, with the Hang Seng Index closing at a high of 27,826 points, up 699 points or 2.6%, reaching a high not seen in over four and a half years. The National Index rose by 267 points, and the Hang Seng Tech Index increased by 145 points. Financial, real estate, and commodity stocks led the gains, with HSBC, BOC HONG KONG, HKEX, and AIA all showing significant increases. Domestic property stocks such as CHINA JINMAO and GREENTOWN CHINA rose by 11.9% and 9%, respectively. Spot gold broke through $5,200, and resource and oil stocks also performed strongly

BOC HONG KONG

HSBC HOLDINGS

Hang Seng Index

HKEX

Hong Kong Exchanges and Clearing (HKEX)

"Hong Kong Stocks" The Hang Seng Index closed up 699 points, reaching a high not seen in over four and a half years, with financial, real estate, and commodity stocks leading the gains

The Hong Kong stock market showed significant gains in the morning session, with the Hang Seng Index rising 598 points to reach 27,725 points, the highest in over four and a half years. Financial, real estate, and commodity stocks generally increased, with HSBC and BOC HONG KONG rising by 2.7% and 2.9%, respectively. Domestic bank stocks and local real estate stocks performed strongly, with domestic property stocks CHINA JINMAO and GREENTOWN CHINA rising by 7.9% and 6.7%, respectively. Spot gold broke through $5,200, and resource and oil stocks also saw significant increases. The total turnover of the market for the half-day was HKD 196.327 billion

"Hong Kong Stocks" The Hang Seng Index rose 598 points in half a day, reaching a high not seen in over four and a half years, with financial, real estate, and commodity stocks rising

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UBS released investment ratings and target prices for domestic property stocks, as follows: CHINA RES LAND rated as Buy, target price adjusted from 42 yuan to 36 yuan; CHINA OVERSEAS rated as Neutral, target price adjusted from 15 yuan to 13.8 yuan; Poly Developments rated as Neutral, target price adjusted from 8.5 yuan to 6.6 yuan; C&D INTL GROUP rated as Buy, target price adjusted from 19 yuan to 17 yuan; GREENTOWN CHINA rated as Buy, target price adjusted from 19 yuan to 15 yuan; CHINA JINMAO rated as Neutral, target price adjusted from 1.6 yuan to 1.5 yuan; YUEXIU PROPERTY rating adjusted from Buy to Neutral, target price adjusted from 6.5 yuan to 4.4 yuan

YUEXIU PROPERTY

CH OVS G OCEANS

CHINA OVERSEAS

UBS's Investment Ratings and Target Prices for Property Stocks (Table)

Citi's research report points out that the Chinese real estate industry will face challenges of impairment and declining gross margins in the fiscal year 2025, although state-owned enterprises are still expected to be profitable. Market challenges will intensify in the second half of 2025, with unclear sales targets. Some companies, such as CHINA RES LAND and GREENTOWN CHINA, may undergo strategic adjustments. It is expected that the core profits of 15 property companies without credit issues will decline by 34%, with gross margins dropping to 13.9%. Policy easing is expected to drive improvements in the second-hand market sales in 2026, but the rebound may be short-lived. The industry prefers CHINA JINMAO, CHINA RES LAND, and CHINA OVERSEAS

"Big Banks" Citigroup: China's real estate sector will face impairment challenges in 2025, with China Jinmao, China Resources Land, and China Overseas as top picks

HU-GTWN@EC2610B(25404.HK)

"Harbour Mansion" Da Honghui Liang Shaohong sold Mount Nicholson four-bedroom mansion for HKD 323 million

"Harbour Building" K. Wah International sold a total of 2,307 units last year and will launch 4 new projects this year

In "Hong Kong Property," Cheung Kong's Liang Zhi Jian expects property prices to rise by 8% to 10% this year

Greentown China Logs 9.7 Billion Yuan in January Sales

Greentown China meldet Verkaufsumsatz von 9,7 Milliarden RMB im Januar 2026