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| HSI1 | 24,253.70 | +42.35 | 86.16B |
| HSCEI1 | 8,149.99 | +2.12 | 23.86B |
| Back Zoom + Zoom - Block Traded | |
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2026-10-09 12:13:24 JPM released a research report stating that preliminary sales data for the Mainland residential market during the National Day Golden Week were encouraging. Real-time secondary home transactions in 26 cities rose 59% YoY, property viewing volumes in 44 cities increased 16% YoY, and new home subscriptions climbed 15% YoY. This was not surprising, as the first week after the mortgage subsidy policy took effect on October 1 reflected the immediate response following the nationwide rollout of the policy. The real question lies in whether the momentum can be sustained one to two months later. The broker generally does not become overly excited about policy-driven sales improvements, which have historically tended to be short-lived, and would prefer to see organic improvement similar to that in 2Q26. After preliminary discussions with leading state-owned developers, feedback was mixed. Some indicated that 癒禮growth was decent癒穡, while others said the market remained 癒禮weak癒穡. On October 8, Chinese developers' shares rose 1% while the HSI fell 1.4%, mainly driven by state-owned enterprises. CHINA OVERSEAS (00688.HK) rose 4% and CHINA RES LAND (01109.HK) gained 3%. However, most distressed developers declined, with CHINA VANKE (02202.HK) and SUNAC (01918.HK) both falling 6%. The broker believed this divergence showed that the market was rewarding short-term data improvement, with state-owned developers outperforming, rather than betting on policy support, as profit-taking emerged after policies had already been implemented. Its top picks remain CHINA RES LAND, CHINA OVERSEAS and BEKE-W (02423.HK). In Mainland retail, tenants' same-store sales growth at major commercial landlords increased 5% to 10% YoY, better than market concerns, and the broker maintained a positive view on CHINA RES MIXC (01209.HK). In Hong Kong retail, Mainland Chinese Visitors (MCVs) to Hong Kong increased 9% YoY, compared with overall growth of 6%, while sales of tenants at multiple retailers recorded double-digit YoY growth, possibly benefiting from HKD depreciation, which was interpreted positively for WHARF REIC (01997.HK). (da/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |