Lions' report says that in addition to traditional fundamental factors, negative news from domestic housing developers and offshore market bond price movements, faced short-term liquidity and bonds with more negative news, according to Lyon's report Grid lower problem.

The bank said that it saw fine-tuned real estate policies in some mainland cities such as Chengdu but it is not expected to help solve the short-term liquidity problem of most private developers. Mainland developers may have more defaulting in debt in the next one to two months, and it is estimated that market sentiment will continue to be sluggish by the end of this year. Lyon expects continued decline in pre-sale of Mainland real estate, which will further affect developer cash flow, thus affecting the share's performance.