China Index Academy data: July 20-city second‑hand residential sales 125,000 units, down 6.0% MoM and up 9.3% YoY; the YoY gain narrowed 3.1 percentage points from June. Jan–Jul cumulative sales 885,000 units, +6.1% YoY. Core cities: Beijing 14,000 and Shanghai 23,000 second‑hand transactions in July, YoY +8.5% and +21.2% respectively; both have recorded five consecutive months of YoY growth. Shenzhen July second‑hand sales rose 3.0% YoY, with growth slowing from the prior month.