Mainland property stocks in Hong Kong mostly moved lower today.

Agile Group (03383) fell 6.87% to HK$0.122, Sunac China (01918) dropped 3.82% to HK$0.63, Greentown China (03900) declined 3.62% to HK$6.265, and Ronshine China (03301) slipped 3.26% to HK$0.089.

On the news front, according to the China Index Academy, the total sales of 100 property developers for the first nine months of this year amounted to 2.25972 trillion yuan, with the year-on-year decline flat compared to the January-August period. The housing market remains in an off-season pattern, with only core cities seeing support from premium project launches, while key developers' sales performance saw a slight widening in their decline.

Citi believes that 2027 will be a critical year for core city property price recovery, supported by reduced new supply and inventory. However, the bank remains cautious on the fourth quarter of 2026, as developers face risks to sales and profitability following the presale-to-completed-sale policy shift, including a shrinking new home market and pressure on earnings and return on equity from lengthening cash conversion cycles.

Recently, a series of coordinated policies have been rolled out intensively. A new commercial personal housing loan interest subsidy policy for homebuyers took effect on October 1. It primarily targets first-time buyers, with eligibility limited to homes with a floor area not exceeding 120 square meters and a total price not exceeding 1.5 million yuan. The subsidy is one percentage point, lasting up to five years. Additionally, around the National Day holiday, Beijing, Shanghai, Guangzhou, and Wuhan successively implemented detailed rules for improving the commercial housing sales system, with a core focus on advancing the completed-home sales system.