Hong Kong's new home transaction volume in the first quarter of this year hits a 13-year high; Rongsheng Development: Shenzhen Stock Exchange terminates review of company's private placement application | Real Estate Early Insights

｜April 7, 2026, Tuesday｜

NO.1** Centaline Properties: Hong Kong’s first-quarter new-home transaction volume this year hits a 13-year high**

On April 6, according to monitoring data from Centaline Properties in Hong Kong, in the first quarter of this year the Hong Kong new-home market recorded a total of 5,373 property sale registration filings, with a total value of HK$62.8 billion. Both figures increased year over year by 38% and 94%, respectively, and each reached the highest level for the same period in history. In addition, due to the lag in registration data, the actual number of new home transactions in the first quarter was 6,300, setting a new high for the same period since the implementation of Hong Kong’s new regulations on first-hand residential properties in 2013. According to the report, driven by the warming up of Hong Kong’s real estate market, the new-home market has seen a rare “bulk-buying wave” of large buyers in recent years. As of March 20, 2026’s first-quarter new projects across Hong Kong recorded 265 cases of entry by large buyers, setting a new high for the same period since 2008.

Commentary: This fully reflects that Hong Kong’s real estate market has continued to warm up under the combined drivers of policy easing, falling interest rates, and capital returning. This performance directly benefits local property developers and related real-estate sectors, improves market expectations for profit from Hong Kong’s real-estate industry chain, and strengthens valuation support for relevant listed companies.

NO.2** Vanke: A 2 billion yuan MTN transaction to hold creditor meeting seeking an extension

Recently, Bank of Communications, serving as the convener, released an announcement stating that it plans to hold Vanke 2023 annual first tranche of medium-term notes 2026 first holders’ meeting on April 17, 2026. The key matters for consideration are arrangements related to bond extensions. The announcement shows that the abbreviation of this medium-term note is “23 Vanke MTN001,” with an outstanding bond balance of RMB 2 billion. The coupon rate for this interest period is 3.11%, and the principal repayment date is April 23, 2026.

Commentary: This event highlights that Vanke’s short-term liquidity pressure remains at a high level, which will weigh on the company’s valuation and credit outlook, and intensify the market’s concerns about its cash flow and its ability to resolve debt.

NO.3** Rongsheng Development: Shenzhen Stock Exchange terminates review of the company’s private placement application

On April 4, Rongsheng Development announced that the company received a decision issued by the Shenzhen Stock Exchange titled “Decision on Termination of Review of Rongsheng Real Estate Development Co., Ltd.’s Application for Issuance of Shares to Specific Investors.” According to Article 20 of the “Shenzhen Stock Exchange Administrative Rules for the Review of Securities Issuance and Listing of Listed Companies” and Article 62 of the “Shenzhen Stock Exchange Administrative Rules for the Review of Stock Issuance and Listing,” the Shenzhen Stock Exchange decided to terminate the review of the company’s application to issue shares to specific investors.

Commentary: This means that the company’s core equity financing channel is blocked, which may directly suppress the company’s valuation and credit expectations, and intensify market concerns about its liquidity and ability to resolve debt.

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The Daily Economic News