英文【高盛】中国房地产周度综述：第21周综述-交易和市场情绪稳定；出口导向型城市表现持续优异

Research | Equity Yi Wang, CFA +86(21)2401-8930 | yi.wang@goldmansachs.cn Goldman Sachs (China) Securities Company Limited Shi Xu +86(21)2401-8929 | shi.x.xu@goldmansachs.cn Goldman Sachs (China) Securities Company Limited Kaiyan Jing +86(21)2411-8092 | kaiyan.jing@goldmansachs.cn Goldman Sachs (China) Securities Company Limitedof aging urban neighborhoods, prioritizing upgrades to outdated pipelines, improvements to supporting facilities, energy-saving retro-fits, and elevator installations where feasible; 2) MOF pledging increased fiscal support and extended tax incentives, including exemptions in corporate income tax and urban land use tax, etc., to the participating entities; 3) NDRC announcing a dedicated 2025 central budget for urban renewals, with project reviews currently underway and funding allocations expected by late-June; 4) NFRA drafting dedicated loan management rules for urban renewal projects to streamline financing procedures and ensure adequate funding. Key data points New homes sales volume on average was -1% wow nand +3% yoy, with tier-1 and Central & Western outperforming. Secondary transactions on average were +3% wow nand +4% yoy, with largely flattish price appreciation expectations from both agents and homeowners. MTD May: Primary GFA sold on median was +3% n27 May 2025 | 9:28AM CSTChina Property Weekly Wrap Week 21 Wrap - Transaction and sentiment stable; export-focused cities extended outperformance Key highlights for the week: Our tariff impact assessment (Exhibit 1 to Exhibit 4, more details on methodology) shows export-reliant cities outperformed broadly over the latest week: 1) transaction: the most export-reliant cities outperformed in both primary/secondary (+9%/+3% wow in aggregated volume vs. +4%/+2% for remaining cities); 2) secondary visitor traffic moderated 4% wow in export-reliant cities (vs. -6% for other cities) while their secondary listing supply tightened 7% wow (vs. -5% for other cities). Sentiment was largely stable in both primary/secondary markets with price expectation from both agents (CSI) and homesellers (CAI) largely flattish, while new home search activities slightly improved (+0.5% wow, 1% below the level before the tariff announcements). Central policies: Policymakers from multiple agencies outlined their plan to advance urban renewal programs, with 1) MOHURD emphasizing plans to accelerate the renovation Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. mom and was -6% yoy, where tier-1/2/