HK Stock Market Move | Mainland property stocks collectively rally in the afternoon; the Ministry of Housing and Urban-Rural Development says real estate has entered the stock era; market concentration of leading central and state-owned enterprises is expected to increase.

Mainland property stocks collectively rally in the afternoon. As of press time, CHINA VANKE (02202) rose 7.50% to HK$2.365; SUNAC (01918) rose 6.31% to HK$0.59; SEAZEN (01030) rose 5.32% to HK$1.485; COUNTRY GARDEN (02007) rose 4.09% to HK$0.178. On the news front, Zhang Xuetao, Director of the Real Estate Market Supervision Department of the Ministry of Housing and Urban-Rural Development, stated at a press conference that the current real estate market has seen "two shifts." One is a major change in the supply-demand relationship in the real estate market; the other is that real estate has entered the stock era, with the proportion of second-hand housing transactions rising from 27% in 2020 to 46% in 2025, and reaching 52% in the first eight months of this year. Exceeding 50% marks entry into the stock era. Zhang Xuetao stated that, as things stand now, sales of completed homes have become an irreversible trend. The Pacific Securities pointed out that the year-on-year decline in sales widened in August, and the declines in real estate investment and new construction starts continued to expand. September is generally a traditional peak sales season, and it is expected that property developers will maintain a certain scale of project launches in core cities. The real estate market is expected to continue its bottoming-out and recovery trend. We believe it is necessary to closely monitor the implementation effects of real estate policies across various regions, with a focus on opportunities arising from increased market concentration among leading central and state-owned enterprises.