In Shenzhen, 34 commercial housing projects are planned to enter the market in the second quarter of 2026; some real estate companies' willingness to replenish inventory increased in March | Real Estate Early Insights

| April 8, 2026, Wednesday |

NO.1 Shenzhen’s Second Quarter 2026 Planned Commercial Housing Projects: 34

On April 7, the Shenzhen Housing and Construction Bureau released the planned pre-sale of commercial housing for the second quarter of 2026, with 34 projects scheduled to enter the market, an estimated supply area of 1,226,812 square meters, totaling 10,909 units. Among them, residential units cover 1,054,451.24 square meters with 9,064 units; serviced apartments are 75,080.5 square meters with 838 units; commercial properties are 47,615.1 square meters with 602 units; and office spaces are 49,665.5 square meters with 405 units.

Comment: This move will strengthen regional supply and demand dynamics, impact local real estate companies’ profit expectations, support the absorption and pricing space of quality projects, while high inventory projects will face increased competition pressure.

NO.2 Centaline Property: Hong Kong March Second-Hand Private Residential Transactions Reach 4,621

On April 7, Centaline Property monitoring data shows that in March this year, Hong Kong recorded 4,621 second-hand private residential transactions valued at HKD 35.84 billion, up 18.1% and 20.7% respectively from February’s 3,913 transactions and HKD 29.69 billion. Data indicates that in the first quarter of this year, Hong Kong’s second-hand private residential transactions totaled 12,449 units worth HKD 94.91 billion, a quarter-on-quarter increase of 13.6% and 12.4%. This is the highest quarterly volume since Q3 2021 with 13,084 units, and the highest transaction value since Q2 2022 with HKD 96.54 billion.

Comment: Hong Kong’s second-hand private residential transactions in March hit a new high in over four and a half years, confirming the ongoing deepening of the housing market recovery. This will reinforce market expectations of profitability for local Hong Kong developers and solidify their valuation recovery foundation.

NO.3 Gemdale Group Completes Repayment of HKD 522 Million Corporate Bonds

On April 7, Gemdale Group completed the repayment of principal and interest for two bonds, “21Gemdale03” and “21Gemdale04,” totaling approximately HKD 522 million. After these repayments, Gemdale Group’s public market debt has been fully cleared.

Comment: This is a landmark event indicating the clearing of industry risks, demonstrating that the “sales revenue + debt reduction + structural optimization” path is feasible. In the short term, it will restore company and sector valuations; in the medium to long term, it will help rebuild industry confidence.

NO.4 Institutions: Increased Willingness of Some Developers to Replenish Inventory in March

On April 7, according to data from the China Index Academy, in Q1 2026, residential land transactions in 300 cities totaled 62.74 million square meters, down 23.5% year-over-year; land transfer fees amounted to RMB 235 billion, down 42.4%. The average premium rate was 4.9%. Real estate companies continue to focus funds on high-quality assets with strong certainty. In the top 20 cities nationwide, land transfer fees accounted for 59% of the total, up 7 percentage points from 2025. Poly, China Resources, and Jinmao have increased land acquisitions in multiple core cities.

Comment: The current land market is not a full recovery but a structural trend of “shrinking volume and improving quality, targeted investment.” The increased replenishment willingness in March and the volume of quality land parcels released in April will jointly support the enthusiasm for land auctions in core cities, serving as positive signals during the industry’s bottoming process. However, the overall cautious and highly differentiated main tone of the industry remains unchanged.

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