https://www.scmp.com/rss/271838/feed China’s property market has surged in recent years. After prices jumped 25 per cent in 2009 alone, the central government imposed austerity measures, including lending curbs, higher mortgage rates and restrictions on the number of homes each family can buy. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Ralph Jennings Ralph Jennings Andrew Tilton, chief Asia-Pacific economist at Goldman Sachs, speaks to the South China Morning Post about the long-term future of China’s economy after the “two sessions” in Beijing and ahead of an expected Xi-Trump summit – all during an oil crisis sparked by the US-Israel war against Iran. SCMP Plus readers get early access to articles in the Open Questions series. What impact will the oil shock arising from the Iran war have on the growth of Asian economies this year? Asia is greatly... https://www.scmp.com/plus/economy/china-economy/article/3348772/goldman-sachs-economist-sees-iran-war-testing-chinas-self-reliance?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3348772/goldman-sachs-economist-sees-iran-war-testing-chinas-self-reliance?utm_source=rss_feed Thu, 02 Apr 2026 07:30:04 +0000 David Tingxuan Zhang David Tingxuan Zhang For years, China’s embattled real estate sector has been framed as a terminal drag on the economy – a deflating bubble that policymakers are unwilling to rescue but unable to ignore. That framing misses what is happening. The absence of a large bailout is not so much a sign of the leadership’s indifference as a deliberate choice. It points to something more consequential than short-term market stabilisation: a systemic effort to redesign the sector’s role in the macroeconomy. The old development... https://www.scmp.com/opinion/china-opinion/article/3347891/reinflate-property-sector-no-china-wants-ambitious-redesign?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3347891/reinflate-property-sector-no-china-wants-ambitious-redesign?utm_source=rss_feed Wed, 01 Apr 2026 21:30:07 +0000 Cheryl Arcibal Cheryl Arcibal Prime office supply in mainland Chinese cities and Hong Kong is estimated to peak this year, while demand remains hampered by an economic slowdown and global uncertainties, according to Cushman & Wakefield. At the end of 2025, premium office inventory in 21 major cities in Greater China – including Hong Kong, Beijing, Shanghai, Shenzhen and Guangzhou, as well as Taiwan – amounted to 99.2 million square metres (1.07 billion sq ft), up 4.6 million square metres or 8.4 per cent from a year earlier,... https://www.scmp.com/business/article/3348648/mainland-china-hong-kong-premium-office-supply-peak-demand-lags-cushman-says?utm_source=rss_feed https://www.scmp.com/business/article/3348648/mainland-china-hong-kong-premium-office-supply-peak-demand-lags-cushman-says?utm_source=rss_feed Wed, 01 Apr 2026 08:30:13 +0000 Zhu Wenqian Zhu Wenqian Major Chinese property developers reported operating losses in 2025 as a recovery in the world’s second-largest economy remained elusive after five years of decline, with some headline profits driven mainly by non-cash gains from debt restructuring. China Vanke posted a record 88.56 billion yuan (US$12.9 billion) loss last year in the latest sign that mainland developers continued to struggle under debt pressure and slowing residential sales. The developer said its annual revenue fell 32 per... https://www.scmp.com/business/article/3348596/vanke-posts-record-8856-billion-yuan-loss-china-property-market-woes-linger?utm_source=rss_feed https://www.scmp.com/business/article/3348596/vanke-posts-record-8856-billion-yuan-loss-china-property-market-woes-linger?utm_source=rss_feed Wed, 01 Apr 2026 01:58:21 +0000 Daniel Ren Daniel Ren Transactions of pre-owned homes in major Chinese cities led by Shanghai surged in March, fuelling expectations that the country’s embattled property sector may be stabilising. Analysts and brokers said a more active resale market pointed to a gradual return of confidence among homebuyers after a three-year downturn. In Shanghai, about 22,000 second-hand homes changed hands between March 1 and 23, up 170 per cent from the same period a month earlier, according to data from local financial outlet... https://www.scmp.com/business/banking-finance/article/3348255/rising-second-hand-home-sales-offer-tentative-signs-floor-chinas-property-slump?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3348255/rising-second-hand-home-sales-offer-tentative-signs-floor-chinas-property-slump?utm_source=rss_feed Sun, 29 Mar 2026 06:00:34 +0000 Michael Han Michael Han When it comes to Chinese policy, what section of the work report it ends up in can say more than the policy itself. At the National People’s Congress, the most significant signal was not headline-grabbing stimulus but a quiet re-categorisation. Property policies have yet again been relegated to the risk prevention section in the government work report. This shift confirms that Beijing has fundamentally reappraised the sector. For global investors, the absence of a property stimulus bazooka was a... https://www.scmp.com/opinion/china-opinion/article/3347753/chinas-property-pivot-growth-engine-protected-household-asset?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3347753/chinas-property-pivot-growth-engine-protected-household-asset?utm_source=rss_feed Sun, 29 Mar 2026 01:30:09 +0000 Ji Siqi Ji Siqi As China’s property downturn drags on, foreign companies in downstream industries are revamping their business models to cope with a decline in new construction projects, but the country’s stable policy environment is helping to ease the transition, according to an executive at a leading US supplier. Lift giant Otis is looking for new growth momentum in China’s government-led urban renewal drive, which includes a push to install or upgrade lift systems in ageing apartment buildings, said Judy... https://www.scmp.com/economy/china-economy/article/3348155/chinas-property-downturn-grinds-foreign-suppliers-strive-adapt?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348155/chinas-property-downturn-grinds-foreign-suppliers-strive-adapt?utm_source=rss_feed Sat, 28 Mar 2026 04:00:09 +0000 James David Spellman James David Spellman As war in the Middle East escalates, the financial fallout extends beyond energy price and supply-chain disruptions. Vulnerabilities in the US$3 trillion-plus global private-credit market are accelerating, driving investors to safe havens, while global finance undergoes a rapid transformation. China, the world’s largest creditor to developing countries, will feel the repercussions. This is the first real stress test confronting the vast lending empire. A meltdown was inevitable; only the timing... https://www.scmp.com/opinion/china-opinion/article/3347602/why-global-private-credit-meltdown-would-hit-china-hard?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3347602/why-global-private-credit-meltdown-would-hit-china-hard?utm_source=rss_feed Wed, 25 Mar 2026 08:30:09 +0000 Zhang Shidong Zhang Shidong Country Garden Holdings, the debt-ridden Chinese property developer, likely returned to profit last year, as a non-cash gain from its debt revamp improved the balance sheet. The Guangdong province-based company may have posted net income between 1 billion yuan (US$145 million) and 2.2 billion yuan in 2025, according to a filing with the Hong Kong stock exchange on Monday night. That compares with a loss of about 35.2 billion yuan a year earlier. The turnaround was mainly attributable to the... https://www.scmp.com/business/china-business/article/3347648/country-garden-expected-record-22-billion-yuan-profit-after-huge-turnaround?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3347648/country-garden-expected-record-22-billion-yuan-profit-after-huge-turnaround?utm_source=rss_feed Tue, 24 Mar 2026 01:49:26 +0000 Peggy Ye Peggy Ye Major Hong Kong developers Henderson Land Development and Kerry Properties both reported mixed 2025 results, with stronger home sales partly offsetting softer rental income and a subdued commercial property market. The earnings underscored how the city’s developers are shifting focus towards projects that can still generate cash flow, mainly high-end housing in Hong Kong and top-tier mainland cities, while waiting for offices and retail to recover. Recent geopolitical tensions, including the... https://www.scmp.com/business/companies/article/3347616/hong-kongs-henderson-land-trims-dividend-iran-clouds-outlook-china-slump-lingers?utm_source=rss_feed https://www.scmp.com/business/companies/article/3347616/hong-kongs-henderson-land-trims-dividend-iran-clouds-outlook-china-slump-lingers?utm_source=rss_feed Mon, 23 Mar 2026 11:51:28 +0000 Zhu Wenqian Zhu Wenqian Shanghai has become the latest mainland Chinese city to lower the minimum down payment requirement for loans on commercial-use properties – including shops and business flats – from 50 per cent to at least 30 per cent. Analysts said the move could help reduce excess inventory in the struggling commercial real estate market, though stronger measures might still be needed. “There is still a meaningful gap between the minimum down payment ratio for residential properties and that for mixed-use... https://www.scmp.com/business/article/3346878/shanghai-joins-major-cities-loosening-commercial-property-loan-rules?utm_source=rss_feed https://www.scmp.com/business/article/3346878/shanghai-joins-major-cities-loosening-commercial-property-loan-rules?utm_source=rss_feed Tue, 17 Mar 2026 08:30:40 +0000 Zhu Wenqian Zhu Wenqian Mainland China’s first-tier new home prices were unchanged month on month in February, ending a nine-month decline, while the year-on-year decline continued to widen from tier one to tier three cities, and analysts said it would be important to watch whether the month-on-month stabilisation can be sustained. New home prices in first-tier cities were flat in February from January – Beijing and Shanghai each rose 0.2 per cent, Guangzhou was unchanged and Shenzhen slipped 0.3 per cent, according to... https://www.scmp.com/business/article/3346737/chinas-first-tier-home-prices-stabilise-february-after-9-months-decline?utm_source=rss_feed https://www.scmp.com/business/article/3346737/chinas-first-tier-home-prices-stabilise-february-after-9-months-decline?utm_source=rss_feed Mon, 16 Mar 2026 08:28:36 +0000 Carol Yang,Xinyi Wu Carol Yang,Xinyi Wu China’s economy got off to a strong start in 2026, as several indicators registered expectation-beating expansions in the first two months – though analysts cautioned the imminent energy crisis caused by the US-Israel war in Iran would present challenges for Beijing and the world at large in the months to come. Resilience in industrial output and retail sales, as well as a small expansion in fixed-asset investment, will provide a vital boost to Beijing as it strives to achieve an economic growth... https://www.scmp.com/economy/economic-indicators/article/3346697/chinas-economy-starts-2026-strongly-retail-sales-investment-rise?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3346697/chinas-economy-starts-2026-strongly-retail-sales-investment-rise?utm_source=rss_feed Mon, 16 Mar 2026 02:00:10 +0000 Zhu Wenqian Zhu Wenqian Several years ago, prime ground-floor spaces in major shopping malls across Beijing and Shanghai’s business districts were commonly occupied by electric vehicle (EV) showrooms, with staff often escorting customers to car parks for test drives. Many of these stores have now closed amid sluggish EV sales – yet mall owners have not been left disappointed. Instead, a new retail landscape is emerging, filled with tenants who are proving to be even more effective at drawing crowds and boosting rental... https://www.scmp.com/business/article/3346537/china-mall-shuffle-evs-exit-whos-filling-ground-floor-showrooms?utm_source=rss_feed https://www.scmp.com/business/article/3346537/china-mall-shuffle-evs-exit-whos-filling-ground-floor-showrooms?utm_source=rss_feed Sun, 15 Mar 2026 04:00:12 +0000 Peggy Ye,Cao Li Peggy Ye,Cao Li Buyers snapped up most of the nearly 400 new homes released for sale in Hong Kong on Saturday, offering an early gauge of housing demand in one of the biggest launches since the Chinese New Year holiday. As of 7:30pm, about 310 of the 360 units released at Chinachem Group’s Zendo House in Tsim Sha Tsui and Wing Tai Properties’ Cloudview in Sheung Shui had been sold, according to Centaline Property. Louis Chan Wing-kit, vice-chairman and president of the agency, said confidence in Hong Kong’s... https://www.scmp.com/business/article/3346584/developers-roll-out-360-flats-two-hong-kong-projects-amid-improving-sentiment?utm_source=rss_feed https://www.scmp.com/business/article/3346584/developers-roll-out-360-flats-two-hong-kong-projects-amid-improving-sentiment?utm_source=rss_feed Sat, 14 Mar 2026 05:40:16 +0000 Neil Denslow Neil Denslow This year’s ‘two sessions’, China’s biggest annual political gathering, featured the announcement of the lowest GDP growth target in decades and official approval for the 15th five-year plan. SCMP Plus hosted a webinar to discuss these developments with three experts from the Asia Society Policy Institute’s Center for China Analysis. Other topics included the upcoming US-China presidential summit, President Xi Jinping’s purge of the military and efforts to reshape the economy. The panel... https://www.scmp.com/plus/economy/article/3346449/two-sessions-webinar?utm_source=rss_feed https://www.scmp.com/plus/economy/article/3346449/two-sessions-webinar?utm_source=rss_feed Fri, 13 Mar 2026 05:18:50 +0000 Zhu Wenqian Zhu Wenqian Sunshine 100 China Holdings, a mainland Chinese developer facing debts amid China’s property sector downturn, said on Thursday that it plans to oppose a winding-up petition filed against it in Hong Kong. HTI Financial Solutions and Haitong International Financial Products filed the winding-up petition against the developer at the High Court of Hong Kong over an unpaid redemption sum of about US$205 million, including accrued interest, due on March 19, 2025, according to a Sunshine 100 filing... https://www.scmp.com/business/article/3346360/chinese-developer-sunshine-100-oppose-hong-kong-winding-petition-over-us205m-debt?utm_source=rss_feed https://www.scmp.com/business/article/3346360/chinese-developer-sunshine-100-oppose-hong-kong-winding-petition-over-us205m-debt?utm_source=rss_feed Thu, 12 Mar 2026 10:00:28 +0000 Zhu Wenqian Zhu Wenqian For Steven Zhou, a 40-year-old Beijing office worker, suburban outlet stores offer a better shopping experience than urban malls, allowing him to escape the city, park his car without frustration and, most importantly, find good deals. “Outlets offer a wide selection of brands, with attractive discounts, especially on sportswear,” Zhou said. Across the mainland, outlets are expanding while traditional and luxury malls face high vacancy rates. Offering well-known brands at discounted prices,... https://www.scmp.com/business/article/3345736/chinas-shoppers-head-suburban-outlets-bright-spot-retail-property?utm_source=rss_feed https://www.scmp.com/business/article/3345736/chinas-shoppers-head-suburban-outlets-bright-spot-retail-property?utm_source=rss_feed Sun, 08 Mar 2026 00:30:08 +0000 Ji Siqi Ji Siqi With local governments in China struggling to replenish their treasuries while facing growing public service obligations, Beijing is setting its sights on securing more tax revenue as a major reform goal for 2026 and the four years beyond. Compared with the previous five-year plan period’s emphasis on “tax and fee cuts”, the language in the draft of the full 15th five-year plan – released on Thursday – emphasised “maintaining a reasonable macro tax burden”. The document also pledged to... https://www.scmp.com/economy/china-economy/article/3345619/chinas-new-5-year-plan-targets-tax-reform-local-governments-face-fiscal-strain?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3345619/chinas-new-5-year-plan-targets-tax-reform-local-governments-face-fiscal-strain?utm_source=rss_feed Fri, 06 Mar 2026 03:00:13 +0000 Cao Li Cao Li Ahead of China’s annual legislative meetings – typically a window into Beijing’s top-level policy agenda – this is the seventh entry in a series examining the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications for local governments, financial investors and private enterprises. Investors and policy watchers will be looking to this week’s meetings of China’s national legislature and top political advisory body – also known as the “two sessions” – for... https://www.scmp.com/business/article/3345261/investors-watch-chinas-two-sessions-clues-property-overhaul?utm_source=rss_feed https://www.scmp.com/business/article/3345261/investors-watch-chinas-two-sessions-clues-property-overhaul?utm_source=rss_feed Tue, 03 Mar 2026 23:30:07 +0000 Carol Yang Carol Yang China’s leadership has stressed the need for a more proactive macroeconomic stance to support the country’s new five-year plan, ahead of next week’s annual “two sessions” – one of the country’s most important political events. Chaired by President Xi Jinping, the Politburo – a major decision-making body of the ruling Communist Party – met on Friday and set a decisive tone for policy direction, highlighting the need to expand domestic demand and strengthen new growth drivers. In an official... https://www.scmp.com/economy/china-economy/article/3344917/chinas-politburo-signals-decisive-macroeconomic-direction-ahead-two-sessions?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3344917/chinas-politburo-signals-decisive-macroeconomic-direction-ahead-two-sessions?utm_source=rss_feed Fri, 27 Feb 2026 12:30:14 +0000 Cao Li Cao Li Shanghai has further relaxed home purchase rules just six months after the last adjustment, in its latest attempt to stem a multi-year property downturn. Non-residents who have made social security contributions or paid individual income tax for one year will be eligible to buy one home in the city, Shanghai authorities said in a joint statement. Previously, non-residents had to wait three years based on a policy announcement last August, easing a five-year mandate introduced in 2016 to cool an... https://www.scmp.com/business/article/3344606/shanghai-eases-residency-requirements-homebuyers-spark-property-recovery?utm_source=rss_feed https://www.scmp.com/business/article/3344606/shanghai-eases-residency-requirements-homebuyers-spark-property-recovery?utm_source=rss_feed Wed, 25 Feb 2026 09:47:59 +0000 Frank Chen Frank Chen The southern Chinese metropolis of Shenzhen has handed in a glowing report card of technological and economic development, surpassing Shanghai and Beijing as the nation’s largest manufacturing and exporting city while solidifying a lead in artificial intelligence and start-up cultivation, its mayor has revealed. Shenzhen’s economy grew from 2.83 trillion yuan in 2020 to 3.87 trillion yuan (US$560 billion) in 2025. The city’s annualised growth rate of 5.5 per cent over that period also... https://www.scmp.com/economy/china-economy/article/3344481/shenzhen-dethrones-shanghai-beijing-chinas-top-industrial-powerhouse-mayor-boasts?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3344481/shenzhen-dethrones-shanghai-beijing-chinas-top-industrial-powerhouse-mayor-boasts?utm_source=rss_feed Wed, 25 Feb 2026 05:00:09 +0000 Enoch Yiu Enoch Yiu Standard Chartered Bank, one of Hong Kong’s three note-issuing banks, reported a 16 per cent profit jump for 2025, as strong wealth management growth helped it weather rising bad debt from the city’s commercial real estate slump. The London-based bank, which generates much of its revenue from Asia, reported an underlying pre-tax profit of US$7.9 billion last year, compared with US$6.8 billion in 2024, according to a stock exchange filing on Tuesday. This matched analysts’ estimate of US$7.9... https://www.scmp.com/business/banking-finance/article/3344411/standard-chartereds-2025-profit-jumps-16-buoyed-robust-wealth-management-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344411/standard-chartereds-2025-profit-jumps-16-buoyed-robust-wealth-management-growth?utm_source=rss_feed Tue, 24 Feb 2026 04:47:55 +0000 Cao Li Cao Li China’s shop rents have slid back to 2018 levels as subdued consumer spending continues to weigh on the retail sector, with analysts expecting the pressure to persist for another one to two years. In the second half of 2025, average rents across 100 major commercial streets in 15 key mainland cities fell to 24 yuan (US$3.50) per square metre per day — the lowest level since the second half of 2018 — according to a report published on Monday by independent real estate research firm China Index... https://www.scmp.com/business/article/3344308/empty-shops-falling-rents-commercial-property-takes-hit-china-retail-slump?utm_source=rss_feed https://www.scmp.com/business/article/3344308/empty-shops-falling-rents-commercial-property-takes-hit-china-retail-slump?utm_source=rss_feed Mon, 23 Feb 2026 06:30:07 +0000 Daniel Ren Daniel Ren China’s more than 100,000 home furnishing companies - most of which are micro businesses - have entered a tumultuous phase as a property slump and persistent deflationary pressure prevent them from making profits. With no property resurgence in sight, the industry, which employs millions of labourers across the country, was likely to see thousands of players expelled from the highly competitive market this year, according to company officials and analysts. “Involution is the name of the game in... https://www.scmp.com/business/companies/article/3343827/sofa-so-bad-chinas-home-furnishing-sector-hits-do-or-die-moment?utm_source=rss_feed https://www.scmp.com/business/companies/article/3343827/sofa-so-bad-chinas-home-furnishing-sector-hits-do-or-die-moment?utm_source=rss_feed Wed, 18 Feb 2026 02:00:09 +0000 Carol Yang Carol Yang China has expanded its list of domestic systemically important banks (D-SIBs) – institutions subject to tighter regulatory standards – as authorities step up macroprudential oversight to safeguard financial stability amid high exposure to property sector debt. China Zheshang Bank, a joint-stock lender in east China’s Zhejiang province with total assets of 3.35 trillion yuan (US$485 billion), was added to the list released on Friday by the People’s Bank of China and the National Financial... https://www.scmp.com/economy/china-economy/article/3343580/china-expands-oversight-major-banks-amid-property-sector-risks?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3343580/china-expands-oversight-major-banks-amid-property-sector-risks?utm_source=rss_feed Sun, 15 Feb 2026 09:00:08 +0000 Cheryl Arcibal Cheryl Arcibal As Hong Kong, mainland China and several other Asian markets usher in the Year of the Horse on Tuesday, the region’s commercial real estate sector is expected to draw increased cross-border capital, with certain segments set to outperform as mega-deals make a comeback, analysts said. Asia-Pacific was set to be a focus among global investors, with data cited by global commercial real estate consultancy Colliers showing that capital raised for the region’s property markets had surged by 130 per... https://www.scmp.com/business/article/3343573/asia-pacific-properties-set-steal-spotlight-mega-deals-return-year-horse?utm_source=rss_feed https://www.scmp.com/business/article/3343573/asia-pacific-properties-set-steal-spotlight-mega-deals-return-year-horse?utm_source=rss_feed Sun, 15 Feb 2026 06:00:12 +0000 Zhu Wenqian Zhu Wenqian Local government support has lifted sentiment in China’s struggling property sector ahead of the spring sales season, but analysts remain divided on the outlook as structural pressures persist. New and existing home prices across 70 major mainland cities fell at a slower pace month on month in January, while annual declines widened, according to data released by the National Bureau of Statistics (NBS) on Friday. New home prices in the four tier-one cities dropped 2.1 per cent year on year, 0.4... https://www.scmp.com/business/article/3343581/policy-backing-steadies-china-property-outlook-full-rebound-still-elusive?utm_source=rss_feed https://www.scmp.com/business/article/3343581/policy-backing-steadies-china-property-outlook-full-rebound-still-elusive?utm_source=rss_feed Sun, 15 Feb 2026 01:30:13 +0000 Ralph Jennings Ralph Jennings Fiscal strains are forcing Chinese provinces to slash their budget-revenue expectations for 2026 due to the knock-on effects of a five-year property market slump, and analysts cite the shift as a warning sign that intense debt pressures continue to drag down the nation’s economic growth outlook. Major provinces are budgeting for 2 to 3 per cent growth this year in general public operating revenue, broadly in line with last year but below broader economic growth targets, Fitch Ratings said in a... https://www.scmp.com/economy/china-economy/article/3343499/chinese-provinces-slash-revenue-outlook-analysts-warn-debt-control?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3343499/chinese-provinces-slash-revenue-outlook-analysts-warn-debt-control?utm_source=rss_feed Fri, 13 Feb 2026 15:00:08 +0000 Zhu Wenqian Zhu Wenqian Mainland China’s new and existing home prices posted a smaller month-on-month decline in January, but the annual drop widened, indicating a housing market that has yet to find a clear floor, analysts said. Commercial residential prices across 70 major cities fell at a slower pace from December on a monthly basis, while new-home prices in the four tier-one cities dropped 2.1 per cent year on year, 0.4 percentage points steeper than the previous month, according to data released by the National... https://www.scmp.com/business/article/3343442/china-housing-market-shows-no-clear-turning-point-price-declines-continue?utm_source=rss_feed https://www.scmp.com/business/article/3343442/china-housing-market-shows-no-clear-turning-point-price-declines-continue?utm_source=rss_feed Fri, 13 Feb 2026 07:00:44 +0000 Cao Li Cao Li China’s commercial real estate stress will force some Hong Kong banks with significant exposure to the sector to set aside additional reserves for potentially higher non-performing loans, which could weigh on their second-half 2025 earnings, according to Citi. In a report on Tuesday, Citi Research said Bank of China (Hong Kong) (BOCHK), the Hong Kong subsidiary of state-owned Bank of China, and Bank of East Asia (BEA) had the highest exposure to China’s commercial real estate, which is under... https://www.scmp.com/business/banking-finance/article/3343080/chinas-property-woes-likely-hurt-some-hong-kong-banks-2025-earnings-citi?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3343080/chinas-property-woes-likely-hurt-some-hong-kong-banks-2025-earnings-citi?utm_source=rss_feed Tue, 10 Feb 2026 11:28:24 +0000 Nicholas Spiro Nicholas Spiro Japanese Prime Minister Sanae Takaichi has her work cut out for her. Among the daunting challenges confronting her after winning a resounding victory in a parliamentary election on February 8, tackling the rising cost of living is at the top of her political to-do list. Mounting concerns about the dramatic rise in property prices in Tokyo and other large cities have proved fertile ground for scapegoating, with immigration figuring prominently in election campaigns. Last year, the average price... https://www.scmp.com/opinion/asia-opinion/article/3342877/asian-property-markets-supply-constraints-are-double-edged-sword?utm_source=rss_feed https://www.scmp.com/opinion/asia-opinion/article/3342877/asian-property-markets-supply-constraints-are-double-edged-sword?utm_source=rss_feed Mon, 09 Feb 2026 08:31:02 +0000 Michael Han Michael Han For five years, China’s real estate sector has been defined by a punishing narrative of default and contraction. This era of discipline reached a pivotal threshold when China Vanke, the industry’s bellwether, recorded an 82 billion yuan (US$11.8 billion) loss. Crucially, this disclosure arrived only a few days after a strategic injection from its largest shareholder, Shenzhen Metro Group. The timing of the 2.36 billion yuan lifeline was a deliberate signal. By restoring ties right before the... https://www.scmp.com/opinion/china-opinion/article/3342182/chinas-real-estate-rethink-can-help-end-developers-debt-addiction?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3342182/chinas-real-estate-rethink-can-help-end-developers-debt-addiction?utm_source=rss_feed Wed, 04 Feb 2026 08:30:39 +0000 Robin Hu Robin Hu I pay far less attention to China’s growth numbers today. What matters more is where fiscal capacity is flowing. China has entered a phase where population ageing, security needs and industrial upgrading all draw on the same budget. This shift follows a structural adjustment in property. Income from land sales – once a pillar of local government finance – has fallen sharply and is unlikely to return. Balance sheets will have to be reset. The question is no longer how much stimulus Beijing can... https://www.scmp.com/opinion/china-opinion/article/3342057/chinas-real-constraint-where-direct-limited-fiscal-resources?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3342057/chinas-real-constraint-where-direct-limited-fiscal-resources?utm_source=rss_feed Tue, 03 Feb 2026 08:30:38 +0000 Zhu Wenqian Zhu Wenqian In a move to bolster the stability of the property market, Shanghai unveiled a plan to buy second-hand homes for use as public rental housing, with the move timed to coincide with the opening of the city’s annual “two sessions” meetings. With the official launch of a pilot programme on Monday, the city aims to meet rental demand from young residents including college students and new urban arrivals. The initiative will roll out first in the downtown districts of Pudong, Jing’an and Xuhui. Backed... https://www.scmp.com/business/article/3342204/shanghai-buy-second-hand-homes-rental-housing-pilot-support-property-market?utm_source=rss_feed https://www.scmp.com/business/article/3342204/shanghai-buy-second-hand-homes-rental-housing-pilot-support-property-market?utm_source=rss_feed Tue, 03 Feb 2026 06:45:34 +0000 Cao Li Cao Li China’s years-long property downturn has carried into 2026, with new-home sales sliding sharply and, by some measures, deteriorating at their fastest pace in recent years. The country’s top 100 developers reported combined contracted sales of 165.5 billion yuan (US$24 billion) in January, down 27 per cent from a year earlier, according to data released over the weekend by China Real Estate Information Corporation (CRIC). Stress was particularly acute among offshore borrowers. The combined... https://www.scmp.com/business/article/3342060/bleak-start-2026-chinas-property-sector-sales-declines-accelerate?utm_source=rss_feed https://www.scmp.com/business/article/3342060/bleak-start-2026-chinas-property-sector-sales-declines-accelerate?utm_source=rss_feed Mon, 02 Feb 2026 06:30:07 +0000 Kun Tian Kun Tian China did not slip into outright deflation last year and that in itself matters. When weak global demand, geopolitical frictions and a prolonged property correction weighed heavily on sentiment, consumer prices stayed marginally positive. The latest data suggests an economy not in free fall but navigating a transition towards more balanced and sustainable growth, albeit at a subdued pace. December’s inflation figures underline this point. Consumer prices rose by 0.8 per cent year on year, the... https://www.scmp.com/opinion/china-opinion/article/3341556/chinas-deflation-near-miss-isnt-economic-story-2025?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3341556/chinas-deflation-near-miss-isnt-economic-story-2025?utm_source=rss_feed Sun, 01 Feb 2026 08:30:08 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong developer Hang Lung Properties is pinning its medium-term outlook on a recovery in mainland Chinese consumption, even as it warned that both the city’s and China’s property markets remain under strain. The commercial landlord, residential developer and hotel owner said it expected a “tough slog” for the broader sector despite signs of improvement in operating conditions, particularly in the second half of the year. Net profit attributable to shareholders fell 16 per cent to HK$1.8... https://www.scmp.com/business/article/3341858/hang-lung-flags-tough-slog-property-it-looks-mainland-malls-growth?utm_source=rss_feed https://www.scmp.com/business/article/3341858/hang-lung-flags-tough-slog-property-it-looks-mainland-malls-growth?utm_source=rss_feed Fri, 30 Jan 2026 11:08:14 +0000 Mandy Zuo Mandy Zuo The southern Guangdong province has been the largest engine powering China’s economic rise for decades. But the region is now in danger of losing its status as the country’s top regional economy, as a rival to the east outpaces its growth. Jiangsu, home to a wide range of multinationals and hi-tech enterprises, has long been Guangdong’s closest competitor: together, the two provinces account for over 20 per cent of China’s gross domestic product (GDP). And the region has shown greater dynamism... https://www.scmp.com/economy/china-economy/article/3341835/jiangsu-vs-guangdong-why-battle-be-chinas-no-1-economy-heating?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3341835/jiangsu-vs-guangdong-why-battle-be-chinas-no-1-economy-heating?utm_source=rss_feed Fri, 30 Jan 2026 10:00:18 +0000 Alice Li Alice Li As China’s two largest cities by economic output, Beijing and Shanghai are widely seen as barometers for the country’s broader economic performance. In 2025, Beijing’s gross domestic product reached 5.2 trillion yuan (US$748 billion), making it the second Chinese city to cross the 5-trillion-yuan mark after Shanghai, which breached the threshold in 2024 and did so again in 2025 with a GDP of 5.67 trillion yuan. Based on last year’s figures, each city’s economic size is comparable to that of a... https://www.scmp.com/economy/china-economy/article/3341382/tale-two-megacities-how-did-beijing-and-shanghais-gdps-surpass-5-trillion-yuan?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3341382/tale-two-megacities-how-did-beijing-and-shanghais-gdps-surpass-5-trillion-yuan?utm_source=rss_feed Thu, 29 Jan 2026 00:00:14 +0000 He Huifeng He Huifeng China’s premier manufacturing hub is recalibrating its economic ambitions, with policymakers in the industrial heartland of Guangdong setting a cautious growth target for 2026, signalling a strategic shift amid intensifying external pressures and internal regional imbalances. The southern province, bordering Hong Kong, expects its gross domestic product to grow between 4.5 and 5 per cent this year, its governor, Meng Fanli, said on Monday while delivering the annual government work report at the... https://www.scmp.com/economy/china-economy/article/3341259/chinas-manufacturing-powerhouse-cuts-2026-gdp-growth-target-after-missing-mark?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3341259/chinas-manufacturing-powerhouse-cuts-2026-gdp-growth-target-after-missing-mark?utm_source=rss_feed Tue, 27 Jan 2026 00:00:08 +0000 Zhu Wenqian Zhu Wenqian Hong Kong developer Swire Properties is doubling down on mainland China retail, betting accelerated investment in larger, more mature cities – combined with its deep local knowledge – can deliver growth despite the slowing retail property market. The developer will launch its first Taikoo Place in Beijing in phases in late 2026, open a Taikoo Li in Sanya – a tropical city in the island province of Hainan – by the end of this year, and open another Taikoo Li in Xian, capital of northwestern... https://www.scmp.com/business/article/3341100/swire-properties-remains-bullish-mainland-retail-despite-slowing-market?utm_source=rss_feed https://www.scmp.com/business/article/3341100/swire-properties-remains-bullish-mainland-retail-despite-slowing-market?utm_source=rss_feed Sun, 25 Jan 2026 22:30:12 +0000 Haining Gao Haining Gao – https://www.scmp.com/plus/economy/china-economy/article/3340954/chinas-divided-economy?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3340954/chinas-divided-economy?utm_source=rss_feed Fri, 23 Jan 2026 07:11:32 +0000 Andy Xie Andy Xie China achieved its twin goals of tech advancement and macro stability in 2025. Its goals for 2026 remain the same. However, a rapidly deteriorating global security environment is likely to shift national priorities towards preparation for worst-case scenarios. Oil supplies and sea lanes are becoming insecure. The US-China trade war could reignite at any time. China will have to accelerate its goals of energy and technology self-sufficiency to enhance national resilience. Fighting for sea lane... https://www.scmp.com/opinion/china-opinion/article/3340177/why-security-not-growth-likely-command-chinas-attention-2026?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3340177/why-security-not-growth-likely-command-chinas-attention-2026?utm_source=rss_feed Tue, 20 Jan 2026 01:30:10 +0000 Brian Rhoads,Raymond Ma Brian Rhoads,Raymond Ma China’s economic growth cooled to the slowest pace since the pandemic at the end of last year, detracting from policymakers’ success in hitting an annual target. Year-on-year expansion was 4.5 per cent in the fourth quarter, a third straight slowdown amid weak domestic demand, according to the National Bureau of Statistics. Annual growth was 5 per cent, fuelled by a pre-tariffs rush of exports at the start of the year. Full-year fixed-asset investment fell for the first time in decades, dropping... https://www.scmp.com/plus/economy/china-economy/article/3340420/chinas-two-speed-economy-faces-tough-2026-growth-cools?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3340420/chinas-two-speed-economy-faces-tough-2026-growth-cools?utm_source=rss_feed Mon, 19 Jan 2026 09:00:43 +0000 Cao Li Cao Li Home prices in mainland China continued to decline at a rapid pace in December, posing challenges for an economy that is struggling to find new growth drivers. New home prices fell 0.4 per cent month on month on average across 70 cities, according to data from the National Bureau of Statistics (NBS) on Monday. The fall matched November’s drop and was among the steepest in more than a year. Prices slipped 3 per cent year on year in December, accelerating from a 2.8 per cent drop in November. Only... https://www.scmp.com/property/article/3340369/mainland-chinas-home-prices-extend-slide-adding-strain-struggling-property-sector?utm_source=rss_feed https://www.scmp.com/property/article/3340369/mainland-chinas-home-prices-extend-slide-adding-strain-struggling-property-sector?utm_source=rss_feed Mon, 19 Jan 2026 04:14:19 +0000 Sylvia Ma,Xinyi Wu Sylvia Ma,Xinyi Wu China has confirmed that it achieved its annual growth target last year as the economy weathered an unprecedented trade war with the United States, but growth slowed to a three-year low in the final quarter, dragged down by a series of domestic headwinds. Analysts expressed concern about China’s “lopsided” growth – with robust exports contrasting with soft internal demand – but pointed to the services sector as a “bright spot” as Beijing looks to shore up the economy heading into a new five-year... https://www.scmp.com/economy/economic-indicators/article/3340360/chinas-gdp-rises-5-2025-us-trade-war-fails-knock-economy-course?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3340360/chinas-gdp-rises-5-2025-us-trade-war-fails-knock-economy-course?utm_source=rss_feed Mon, 19 Jan 2026 01:59:48 +0000 Aileen Chuang Aileen Chuang Chow Tai Fook Enterprises (CTFE), the parent of embattled New World Development (NWD), will keep pursuing deals that create “win-win outcomes”, chairman Henry Cheng Kar-shun said as he revealed the private investment holding company’s philosophy for the first time. While all investors love to talk about mutual benefit, Cheng told the Post – in his first statement to the media in more than two years – that it was more than pretty words for CTFE. The organisation ran with the discipline of an... https://www.scmp.com/business/companies/article/3340314/chow-tai-fooks-henry-cheng-reveals-hong-kong-empires-win-win-investment-philosophy?utm_source=rss_feed https://www.scmp.com/business/companies/article/3340314/chow-tai-fooks-henry-cheng-reveals-hong-kong-empires-win-win-investment-philosophy?utm_source=rss_feed Sun, 18 Jan 2026 23:00:15 +0000 Zhu Wenqian Zhu Wenqian More economy and mid-range hotel operators in China are leasing office buildings for conversion to guest accommodation, and such flexible, mixed-use approaches are expected to increase amid a continued weakening of the office market. In some Chinese cities, the practice of multiple hotel brands co-leasing separate floors within a single building has become more prevalent, fuelled by interest from both property owners and hotel operators. In Hangzhou, the capital of eastern China’s Zhejiang... https://www.scmp.com/business/article/3340179/hotel-conversions-gain-traction-chinas-office-market-amid-high-vacancies?utm_source=rss_feed https://www.scmp.com/business/article/3340179/hotel-conversions-gain-traction-chinas-office-market-amid-high-vacancies?utm_source=rss_feed Sun, 18 Jan 2026 03:00:10 +0000