Guojin Securities research note: after developers ended quarter‑end volume
pushes, primary‑market new‑home sold area fell markedly MoM while YoY decline
remained limited. Secondary‑market transactions continue to improve — 22‑city
second‑hand transaction volume rose 10.0% YoY. Leading real‑time data show July
second‑hand sales widened their YoY gain versus June. Listings have edged down
since early July, with the decline versus end-June increasing, suggesting
listing‑growth pressure is weaker than a year ago.