On September 18, CHINA OVERSEAS rose 3.01% in regular trading, trading at HK$12.32 per share, with turnover of approximately HK$181 million, reversing a multi-day pullback.

The rally was driven by a broad-based rebound across the mainland property sector, with peers Sunac China surging 8.11% and Longfor Group climbing 4.67%. Sentiment was further supported by the Hong Kong Stock Exchange's recent confirmation approving the company's proposed spin-off under Practice Note 15, allowing it to list related commercial assets on the Shenzhen Stock Exchange. The spin-off involves the Foshan Qiandenghu eMall project structured as a publicly offered REIT, with expected gross proceeds of approximately RMB 1.534 billion. The group intends to subscribe for around 20% of the total fund units upon listing.

Fundamentally, CHINA OVERSEAS reported H1 contracted sales of RMB 134.35 billion, up 11.8% year-over-year, making it the only top-10 developer to achieve double-digit sales growth. H1 revenue reached RMB 97.6 billion, up 17.3% YoY. Multiple brokerages including Citi and CICC maintain bullish ratings, with Citi setting a target price of HK$18.3.

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