On July 1st, KE Holdings (BEKE.US) rose nearly 4% to $14.71. UBS issued a report stating that Beijing, along with other first-tier cities in the mainland, announced lenient measures in the real estate market, including the reduction of the down payment ratio for first-time homebuyers to 20% and the second-time homebuyers to 35%, lower the minimum mortgage interest rate, relax the definition of first-time home buyers for families with multiple children, and encourage developers and brokers to participate in trade-in programs for old homes. The bank pointed out that KE Holdings should benefit the most from these measures, as 25% of the company's total second-hand trade volume comes from Beijing. The bank expects that these lenient measures for the property market in Beijing could drive up the trade of first-hand and second-hand homes in about 6 to 8 weeks.