How powerful is the reference price of second-hand housing transactions? After Shenzhen launched the reference price of second-hand housing in February 2021, the turnover of second-hand homes in Shenzhen fell sharply to 4166 units that month, down 40 per cent from 7008 the previous month. The figure rebounded to 6789 units in March 2021, but it became the "final glory"-since then, second-hand housing has fallen continuously, and although the transaction volume has rebounded occasionally, the monthly turnover of second-hand homes in Shenzhen was mostly between 1200 and 2300 units in the first half of this year. For the whole first half of the year, the transaction volume of second-hand homes in Shenzhen was less than 10, 000 units, down 65% from the same period last year and 52% less than the historic property market in the first half of 2008. In July, the number of second-hand residential transfers in Shenzhen was 2039, down 9 per cent from the previous month and falling again after a decline in June.