Mainland Chinese property stocks collectively advanced. As of writing, Zhongliang Holdings (02772) rose 8.82% to HK$0.037; Greentown China (03900) increased 8.51% to HK$9.31; Longfor Group (00960) climbed 5.74% to HK$8.1; Sunac China (01918) gained 4.81% to HK$1.09; and China Vanke (02202) was up 4.11% to HK$3.04.

Market sentiment was buoyed by a significant improvement in transaction volumes across property markets in cities like Beijing, Shanghai, and Shenzhen this year. Data from the Shanghai Real Estate Transaction Center showed that from April 6 to April 12, the number of online secondary home transactions in Shanghai reached 7,342 units. Notably, transactions on April 11 alone hit 1,632 units, marking the highest single-day volume for Shanghai's secondary home market in nearly five years.

According to a recent report by Goldman Sachs, the property markets in Shanghai and Shenzhen may bottom out by the end of this year, with their recovery timelines preceding those of other first- and second-tier cities by 6 to 24 months. The institution forecasts that home prices in Shanghai and Shenzhen will increase by 15% between the end of 2025 and the end of 2028.

China Post Securities noted that the property sector is currently at a critical juncture characterized by market stabilization, structural differentiation, and business model transformation. The cumulative effect of supportive policies is beginning to show, suggesting the worst phase for the market may be over. However, the recovery is expected to be gradual and uneven. The period from April to May will serve as a key window to validate market trends: if the market demonstrates resilience during the traditionally slow season with stable prices, the gap between the "policy bottom" and "earnings bottom" could narrow rapidly, enhancing the appeal of bets on valuation recovery. Conversely, if price pressures intensify, investment strategies should focus more on defensive plays and cash flow certainty, with secondary market activity remaining a leading indicator.