Property Data Monitor: Mainland China: leading indicators mildly softened; HK: tourist arrivals maintained >10% Y/Y growth

J.P. Morgan Property Data Monitor covering Mainland China and Hong Kong. Mainland China: 9-city real-time secondary sales +9% Y/Y (prior +15%), tier-1 only +10% Y/Y (prior +18%); 19-city primary sales registrations +9% Y/Y (prior +4%) with tier-2 cities outperforming (+26% Y/Y); 12-city secondary registrations +9% Y/Y (prior +4%). Leading indicators mildly softened: tier-1 visitation index flat at 25.3, manager confidence index down from 56 to 52, listing price index slightly lower; 10-city secondary listings -0.2% W/W, down ~5% since the March peak. Hong Kong: primary market saw several new launches (The Sterling II, CHESTER II, State Residence) with healthy take-up; secondary transactions in top-35 estates fell 19% W/W and 48% Y/Y; home price index up 0.5% W/W, +12.5% YTD, already reaching the full-year 10-15% target;