According to the Wisdom Wealth app, Ke Holdings-W (02423) is now down nearly 4%. As of press time, it has fallen by 3.6% to HKD 34.85 with a turnover of HKD 66.4055 million.

Kaiyuan Securities pointed out that in terms of the new housing market, the average transaction area of commercial housing in the top 30 central cities in the country has fallen by 45.2% compared to the previous two weeks, and is at a historically low level in the same period from a seasonal perspective. The transaction area of first-tier cities has fallen back to its historical low. In the second-hand housing market, in terms of price, as of July 8, the index of the listing price of second-hand houses continued to decline; in terms of transaction volume, the transaction area of second-hand houses in 13 cities has continued to run at a historically high level in the past two weeks.

Goldman Sachs released a research report stating that it is expected that Ke Holdings' second-quarter revenue will increase by 13% year-on-year to RMB 22 billion, and the total trading volume (GTV) will increase by 4% to RMB 810 billion. Non-GAAP net profit is expected to decrease by 8% to RMB 2.2 billion. The bank believes that the group's growth rate will accelerate in the second half of the year, and the total trading volume, revenue, and net profit are expected to increase by 23%, 27%, and 36%, respectively; it is expected that other business income including rental, renovation, and decoration will account for one-third of the total revenue this year and will increase to 40% in 2026. The bank also expects the group to continue repurchasing within this year to achieve a net return to shareholders of no less than 5%.