摩根士丹利：2026年中国房地产：关于近期强于预期的销售的思考报告（英文版）

Recent home sales beat market expectations, with secondary home sales in selectTier 1 (Shanghai and Beijing) and Tier 2 cities (e.g., Nanjing and Xiamen) seeing 3-14%y-y in March accelerate further to 7-25% y-y in MTD April on a favourable baseeffect. We attribute this to policy boost (e.g., HPR easing in SH/B), improved rentalyield of older/low lump-sum housing, and the release of pend-up demand (mainlyfirst-home buyers) from 4Q25 amid less bearish resident sentiment. Such strongsales have l