On September 29, Hong Kong-listed mainland property stocks rallied broadly, with Jinhui Holdings (HKEX: 00137) climbing over 11%, while Ronshine China (HKEX: 03301), China Vanke (HKEX: 02202), and Greentown China (HKEX: 03900) each rose more than 7%, and China Jinmao and Sunac (HKEX: 01918) gained over 6%.

On the news front, the State Council executive meeting was held on September 28, at which it was noted that a batch of pragmatic and effective incremental policies would be introduced, and policy measures to stabilize the real estate market and promote employment and income growth would be studied and rolled out.

Sinolink Securities stated that the downturn in new home market sentiment is easing, while second-hand home market sentiment is stabilizing at the bottom. New home transactions remain under pressure, with the year-on-year decline widening to -24.3%. Second-hand home transaction area weakened on both a year-on-year and month-on-month basis, mainly due to the misalignment of holidays. The current pickup in transaction volume coincides with a marginal increase in listings, and it remains to be seen whether the incremental transactions can effectively absorb the new supply. If transaction volumes continue to grow rapidly while listing growth remains relatively moderate, existing inventory is expected to be gradually destocked, and combined with the accelerated shift in transaction structure brought about by the "8.28" property policy, home prices are likely to find support. If listings continue to rise while transaction improvement slows, the second-hand home market is expected to continue "trading volume at the expense of price," and price pressure will persist.