On September 9, CHINA JINMAO fell 5.24% in regular trading, trading at HKD 1.26 per share, with turnover of HKD 108 million. The broader mainland property sector came under broad-based selling pressure, with peers Sunac China down 5.69% and China Resources Land down 1.12%.

The decline was primarily driven by the ongoing market repricing following the August 28 housing reform policy jointly issued by the Ministry of Housing and four other departments. The new policy mandates the promotion of completed-property sales and raises pre-sale thresholds, which the market views as a systemic institutional overhaul of the sector. Investors are concerned that the shift to completed-property sales will extend developers' capital recovery cycles, compress asset turnover ratios, and pressure internal rates of return and ROE. Analysts estimate that local pilot implementation details will take four to six weeks to roll out, leaving market sentiment unsupported during the interim policy vacuum.

While institutions note that the reform may benefit well-capitalized developers with strong product capabilities over the medium to long term, the short-term adjustment pain and business model restructuring are weighing on the entire sector. CHINA JINMAO reported mid-year contracted sales of RMB 57.5 billion, up 8% year-on-year, and recently secured a prime Beijing land parcel for RMB 9.76 billion, though these positives have been overshadowed by sector-wide policy headwinds.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)