According to Huatai Securities, the sales area/value of commercial housing in January-July was -11.8%/-13.1% year-on-year. Among them, the decline in sales area increased slightly by 0.2 pct compared to January-June, but the decline in amount narrowed by 0.5 pct. The monthly sales area/amount in July was -13.4%/-8.9%, respectively. On the price side, the new housing price index in the 70 cities in July was -0.2% month-on-month. Among them, the first, second-, and third-tier housing price indices were flat/-0.1%/-0.3% month-on-month, respectively, and the first-tier, second-hand housing price index was -0.3%/-0.4% month-on-month (+0.3%/-0.4% in June). Second-hand housing prices in North Shanghai and Shenzhen remained flat month-on-month/+0.3%/+0.2%, respectively. Overall housing prices in first-tier cities have remained fixed, and the pace of restoration has slowed down. Huatai believes it is mainly affected by the off-season. Overall, housing prices have basically maintained a trend of slight adjustment in weak markets. The positive signals sent by the Beijing New Deal and the advent of “Gold, Nine, Silver, Ten” are expected to open up space for subsequent volume and price revisions.

According to Huatai Securities, the sales area/value of commercial housing in January-July was -11.8%/-13.1% year-on-year. Among them, the decline in sales area increased slightly by 0.2 pct compared to January-June, but the decline in amount narrowed by 0.5 pct. The monthly sales area/amount in July was -13.4%/-8.9%, respectively. On the price side, the new housing price index in the 70 cities in July was -0.2% month-on-month. Among them, the first, second-, and third-tier housing price indices were flat/-0.1%/-0.3% month-on-month, respectively, and the first-tier, second-hand housing price index was -0.3%/-0.4% month-on-month (+0.3%/-0.4% in June). Second-hand housing prices in North Shanghai and Shenzhen remained flat month-on-month/+0.3%/+0.2%, respectively. Overall housing prices in first-tier cities have remained fixed, and the pace of restoration has slowed down. Huatai believes it is mainly affected by the off-season. Overall, housing prices have basically maintained a trend of slight adjustment in weak markets. The positive signals sent by the Beijing New Deal and the advent of “Gold, Nine, Silver, Ten” are expected to open up space for subsequent volume and price revisions.