HK Stock Market Move | BEKE-W (02423) rose more than 3% in early trading; JP Morgan said accelerating growth in second-hand home sales may benefit KE Holdings.
BEKE-W (02423) rose more than 3% in early trading. As of press time, it was up 2.60% at HK$45.04, with a turnover of HK$266 million.
BEKE-W (02423) rose more than 3% in early trading. As of press time, it was up 2.60% at HK$45.04, with a turnover of HK$266 million.
On the news front, the Ministry of Housing and Urban-Rural Development recently stated that two shifts have emerged in the current real estate market: one is that major changes have taken place in the supply-demand relationship of the real estate market; the other is that the real estate market has entered the stock era, with the proportion of second-hand home 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.
JP Morgan recently said it expects KE Holdings' faster growth in the second-hand home market to be sufficient to offset the impact of the new home market. Although KE Holdings' "unit economics/GTV" in new home transactions is higher than in second-hand homes, its GTV share in second-hand homes is significantly higher than in new homes. Therefore, in the long run, KE Holdings can benefit from a shift in transaction volume from the new home market to the second-hand home market.
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