Most Chinese property developers' stocks in Hong Kong experienced losses in today's session. At the time of writing, SUNAC (HKEX: 01918) shares had dropped 6.02% to HK$0.78. SEAZEN (HKEX: 01030) shares fell 4.24% to HK$1.58, while R&F PROPERTIES (HKEX: 02777) declined 3.7% to HK$0.26.

The market movement follows the release of data from the National Bureau of Statistics this morning. The figures for the January to May period show that national real estate development investment reached 3.0356 trillion yuan, representing a year-on-year decrease of 16.2%. Within this total, residential investment was 2.3426 trillion yuan, down 15.6%.

Over the same period, the sales area of newly built commercial housing was 313.2 million square meters, a drop of 10.8% year-on-year, with residential sales area falling by 12.1%. Sales revenue from newly built commercial housing totaled 2.9366 trillion yuan, declining 13.5%, with residential sales revenue down 14.1%.

Analyst Perspective on the Sector

Recent research from Guosen Securities points out that the industry is currently in a transitional phase, moving from "expectation repair" to "fundamental verification." The report notes that while indicators such as investment and new construction starts remain under pressure, improvements on the demand side, a stabilization in prices, and marginal recovery in rents collectively suggest that the sector's most pessimistic period may have passed.

Looking ahead to the second half of the year, the focus will be on the sustainability of transaction volumes, the broadening scope of price stabilization, and whether the recovery in rents can establish a positive feedback loop.