Huatai Securities pointed out that on May 21, Wuhan, Changsha, and Hefei were the first to reduce the down payment ratio and abolish the lower mortgage interest rate limit. In terms of down payment ratios, all three cities reduced the down payment ratio for the first/second home by 5% to 15%/25%. In terms of interest rates, Wuhan lowered interest rates for first/second commercial loans to 3.25%/3.35%, down 30/80BP from the current mortgage interest rate in April; interest rates for the first and second commercial loans in Changsha fell 10/20BP to 3.65%/3.95% respectively; and interest rates for the first and second commercial loans in Hefei were reduced by 30/70BP to 3.45%, respectively. The reduction in the down payment ratio will lower the threshold for buying a home. At the same time, the reduction in mortgage interest rates will effectively reduce the pressure on residents to buy homes. Immediate demand and improved demand for home purchases are expected to be further released, helping to stabilize the market. I am optimistic about high-quality housing enterprises and property management companies with more resources and steady operations in core cities.