Most mainland property stocks saw gains. At the time of writing, China Vanke (02202) rose 4.18% to HK$3.49; Seazen (01030) increased 2.29% to HK$2.23; R&F Properties (02777) advanced 1.96% to HK$0.52; and CH OVS G OCEANS (00081) climbed 1.95% to HK$2.09. On the news front, reports cited by Sing Tao indicate that China Vanke has reached agreements with domestic lenders, including Bank of China, to change its interest payment schedule from quarterly to annually, while similar interest payments due in the coming months can be deferred until September 2026. It is worth noting that on January 1st, the magazine Qiu Shi published a special commentator article titled "Improving and Stabilizing Market Expectations for the Real Estate Sector," emphasizing the need to effectively enhance and stabilize market expectations for the property market. Caitong Securities pointed out that it is expected the decline in sales value of commercial housing will likely continue to narrow by 2026, and the expectation of sales growth after market recovery is a key factor driving the future valuation improvement of property developers. The structure of land reserves directly determines sales performance, and developers with holdings in cities possessing higher real estate market value and having made sufficient impairment provisions are expected to see their valuations recover first.