Morgan Stanley stated in a report that the minimum down payment for first-time home buyers in Beijing has been reduced to 20%, which means all first-tier cities have introduced loose policies as a follow-up to the mid-May real estate policy combination. Compared with Shanghai, the bank believes that the impact of Beijing's real estate measures on housing sales will be more moderate this time. In addition, due to the rapid cooling of policy impact in other first-tier cities, the bank adopts a cautious attitude towards the sustainability of improvements in mainland real estate sales.

Among the mainland real estate stocks covered by the bank, China Overseas (00688.HK) and Runji (01109.HK) are more involved. However, due to the more competitive prices of second-hand houses and limited supply of new first-hand houses, sales of second-hand houses may have a better sustained rebound.