香港及中国大陆房地产日报：新闻研究重点与观点

EquitiesReal Estate Research Focus and Views on theNews HK & mainland China Highlights of the day Michelle Kwok*Head of Asia Real Estate and HK Equity Research The Hongkong and Shanghai Banking Corporation Limitedmichellekwok@hsbc.com.hk+852 2996 6918 Hong Kong ◆Henderson Land signs Jane Street Asia to lease six office floors in new CentralHarbourfront Site 3 project◆Fourth price list released at Deep Water Pavilia◆79 transactions recorded at ‘Top35’ estates in secondary market last week Raymond Liu*, CFAAnalyst, Asia Real Estate and ConglomeratesThe Hongkong and Shanghai Banking Corporation Limitedraymond.w.m.liu@hsbc.com.hk+852 2996 6743 Oliver Yu*Analyst, Asia Real Estate The Hongkong and Shanghai Banking Corporation Limitedoliver.y.o.x.yu@hsbc.com.hk+852 2288 2050 Mainland China ◆NBS: 5M25 residential property sales value down 2.8% y-o-y, to cRMB3trn◆NBS: New home price y-o-y declines in 70 key cities narrow in May◆Quzhou provides home purchase subsidiesofup to RMB200k to multi-childhouseholds◆Nanjing’s May secondary home transactions up 20% y-o-y, to 11,300 units Stephen Wang*, CFAAnalyst, Asia Real EstateThe Hongkong and Shanghai Banking Corporation Limitedstephen.wang@hsbc.com.hk+852 2284 1675 Tong Yu*AssociateGuangzhou Issuer of report:The Hongkong and ShanghaiBanking Corporation Limited This report must be read with thedisclosures and the analyst certifications inthe Disclosure appendix, and with the Disclaimer, which forms part of it. View HSBC Global Research at:https://www.research.hsbc.com Summary of news Hong Kong Henderson Land signs Jane Street Asia to lease six office floors in new CentralHarbourfront Site 3 project Company announcement/Bloomberg: Henderson Land announced its first leasing case for thefirst phase of the new Central Harbourfront Site 3, with 223,000sqft across six floors pre-leasedby Jane Street Asia, a USquantitativetrading firm and liquidity provider. The lease accounts for70% of the development’s Phase 1 premium office and ancillary space, with rents of HKD137psfper month or HKD30.6m per month in total. This lease marks the largest single office leasingtransaction for Hong Kong’s Central Business District in decades. Fourth price list released at Deep Water Pavilia HKEJ/HKET: New World Development, Empire Group, CSI Properties, Lai Sun Development,and MTRC announced the fourth price list for 52 units at their co-developed project Deep WaterPavilia (total: 447 units). The batch comprises 50 two-bedroom, 2 three-bedroom units, whichare sized at 476-860sqft and priced at HKD10.2-24.5m per unit or HKD20,937-28,500psf, afterdiscount. The average pricing is 2% higher than that of the previous price list. The developersplan to launch the second sales arrangement for 100units on Friday. 79 transactions recorded at ‘Top 35’ estates in secondary market last week HKEJ/HKET: According to Midland, there were 79 purchases of homes among the “Top 35 MostPopular Housing Estates” in the secondary market over the past week (9-15 June), down 9.2%w-o-w but still 31.7% higher than weekly average transaction volume of 60 within the year.Midland commented that the decline in HIBOR has stimulated the improvement in secondarytransaction volume, while recent new launches in the primary market seized more market focus. Mainland China NBS: 5M25 residential property sales value down 2.8% y-o-y, to cRMB3trn National Bureau of Statistics (NBS): Residential property investment in China amounted tocRMB2.8trn for the first 5 months of 2025, down 10% y-o-y. National residential property salesamounted to cRMB3trn in 5M25, down 2.8% y-o-y, while the GFA soldtotalled297m sqm in5M25, down 2.6% y-o-y. New residential construction starts fell 21% y-o-y in 5M25 to 171m sqmand completion fell 18% y-o-y to 133m sqm. NBS: New home price y-o-y declines in 70 key cities narrow in May National Bureau of Statistics (NBS): In the four tier-1 cities, new home prices declined0.2% m-o-m (flat in Apr) and 1.7% y-o-y (down 2.1% in Apr). In the 31 tier-2 cities, new home priceswere down 0.2% m-o-m (flat in Apr) and 3.5% y-o-y (down 3.9% in Apr). New home prices in the35 tier-3 cities were down 0.3% m-o-m (down 0.2% in Apr) and 4.9% y-o-y (down 5.4% in Apr).Home prices in the secondary market fell 2.7%, 6.1%, and 6.9% y-o-y in tier-1, tier-2, and tier-3cities respectively (down 3.2%, 6.5%, and 7.4% in Apr). Quzhou provides home purchase subsidiesofup to RMB200k to multi-child households Cailianshe: Quzhou announced to provide home purchase subsidies to households withmultiple children and the subsidies will be granted in the form of home purchase voucher. From20 June 2025, households with two children buying new homes larger than 100 sqm in theurban areas (projects with pre-sale approvals after 2021) can apply for a subsidy of RMB80k,and households with three children buying new homes larger than 120 sqm can apply for asubsidy of RMB200k. Nanjing’s May secondary home transactions up 20% y-o-y, t