According to the Zhitong Financial APP, mainland real estate stocks collectively fell. As of the draft, Shimao Group (00813) fell 5.88%, reporting HKD 0.8; Sino-Ocean Group (03377) fell 4.04%, reporting HKD 0.475; Sunac (01918) fell 3.17%, reporting HKD 1.22; and China Vanke (02202) fell 3.02%, reporting HKD 5.14.

On the news front, according to data from the National Bureau of Statistics, in May, the sales prices of commodity residences in various-tier cities in 70 large and medium-sized cities decreased month-on-month, and the decline was slightly expanded year-on-year. In May, the sales price of new commodity residences in first-tier cities decreased by 0.7% compared to the previous month, an increase of 0.1 percentage points. In May, the sales price of new commodity residences in first-tier cities decreased by 3.2% year-on-year, an increase of 0.7 percentage points, while the sales price of second-hand residences decreased by 9.3% year-on-year, an increase of 0.8 percentage points compared to the previous month.

Tianfeng Securities pointed out that on the demand side, after policy adjustments at the central level, it is expected that more demand-stimulating measures will be implemented in various regions in the future. At the same time, the market may wait for changes in transaction volume to test the effectiveness of policies, and a game trend may continue during this period. On the supply side, the opening of the government's land bank will drive the asset restoration of real estate enterprises, and financing coordination mechanisms will continue to exert efforts. The supply-side reform of the industry may be nearing completion, and credit repair will be good news for the industry's confidence. With the decline in the high base effect in the second half of 2024, the year-on-year sales decline is expected to further narrow, and the probability of a secondary decline may be lower.