China Vanke Co.,Ltd. (Vanke A) surged to the daily limit-up, with trading volume exceeding 1.8 billion yuan.
The Shenzhen Stock Exchange announced a temporary trading halt for the corporate bond "22 Vanke 06" during the session. The bond had plunged 30%, triggering the suspension.
In the afternoon session on December 10, property stocks staged a rebound. Companies like World Union, China Fortune Land Development, and Caixin Development hit limit-up, while others such as Tefa Service and Gemdale Corporation followed the upward trend. Notably, Vanke’s A-shares and H-shares both rallied sharply, with Vanke A reaching limit-up and buy orders exceeding 2.7 billion yuan. Meanwhile, Vanke’s H-shares surged over 15%, and bonds "22 Vanke 06" and "22 Vanke 04" jumped more than 20%, prompting temporary halts.
Hong Kong-listed mainland property stocks also saw a collective rise. Sunac China and Radiance Holdings surged over 11%, while Agile Group, Shimao Group, and China Jinmao gained more than 9%. Country Garden rose over 7%, and Sino-Ocean Group, R&F Properties, and CIFI Holdings climbed more than 6%.
On the news front, data from the Shanghai E-house Real Estate Research Institute showed that as of November, second-hand home transactions in four first-tier cities totaled 519,000 units, surpassing the 496,532 units recorded in the same period of 2024. This marks the first time in four years that transactions have exceeded 510,000 units.
Lu Wenxi, a market analyst at Shanghai Centaline Property, noted that this trend is likely to continue into 2026. Policy-wise, further monetary easing, including interest rate and reserve requirement ratio cuts, is expected, which should bolster market sentiment. The property replacement chain remains functional, with some homeowners selling older properties to purchase new ones, despite occasional delays in the process.
Additionally, multiple provinces have recently released proposals for their 15th Five-Year Plans (2026–2030). Key cities like Beijing, Tianjin, Hebei, Fujian, Guangdong, and Shandong emphasized accelerating the development of a new real estate model, focusing on building safe, comfortable, green, and smart housing. The plans also outlined measures to improve housing supply systems, urban development, and land policies. Many provinces proposed enhancing the "market + affordable housing" supply framework to meet the needs of urban workers and disadvantaged families while tailoring policies to boost upgraded housing supply.
BOC Securities pointed out that despite current pressures, the 15th Five-Year Plan signals a positive policy shift, opening room for further supportive measures and fostering confidence in the sector’s recovery. High-liquidity developers with strong presences in top-tier cities and superior product offerings may outperform, while commercial property firms pioneering new business models could lead the rebound.
Huatai Securities added that while the market is still stabilizing, core cities—especially first-tier ones—are expected to recover faster. The firm recommends high-quality developers with strong credit, prime locations, and competitive products, as well as leading property management firms with stable dividends and earnings.
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