Asia Pacific Equity Research 25 December 2025 China Property Latest easing in Beijing may not move the needle After five months, Beijing introduced another round of policy support. However, similar to previous rounds, the easing approach remains piecemeal, and we think the newly introduced measures (e.g. relaxing HPR / mortgages) will unlikely move the needle. Shanghai & Shenzhen could be next to relax policies. Nonetheless, we do not think investors would be excited about local-level easing like this one ( ...