According to the Zhongtai Securities, the top 100 real estate companies achieved a total sales amount of CNY 272.5 billion in August, a year-on-year decrease of 27.8% and a month-on-month decrease of 10.0%. The sales growth rate has declined compared to the previous period. Huachuang Securities pointed out that in the 36th week, the transaction area of second-hand houses in 10 cities was 1.219 million square meters, with a daily average transaction area of 0.174 million square meters, a decrease of 5% compared to the previous period and an increase of 4% year-on-year. From the accumulated data, the transaction area of second-hand houses in 10 cities from the beginning of the year to now is 49.6 million square meters, a year-on-year decrease of 2%. Previously, we emphasized the need to be cautious about the mutual squeeze between second-hand and new houses in 2024, and this is already being reflected to some extent.

Previously, the China Index Research Institute released a report stating that the volume of second-hand house transactions in core cities indicates that short-term housing demand has accelerated with policy stimulation, but the new housing market is still under pressure. This reflects the weakening of the substitution effect and the strengthening of the replacement effect between the second-hand and new housing markets. It has been nearly 3 months since the implementation of the policy on May 17. Whether the high transaction volume in the second-hand housing market in August can continue remains to be seen, and it is expected that the short-term new housing market will continue to stabilize.

According to the Zhongtai Securities, the top 100 real estate companies achieved a total sales amount of CNY 272.5 billion in August, a year-on-year decrease of 27.8% and a month-on-month decrease of 10.0%. The sales growth rate has declined compared to the previous period. Huachuang Securities pointed out that in the 36th week, the transaction area of second-hand houses in 10 cities was 1.219 million square meters, with a daily average transaction area of 0.174 million square meters, a decrease of 5% compared to the previous period and an increase of 4% year-on-year. From the accumulated data, the transaction area of second-hand houses in 10 cities from the beginning of the year to now is 49.6 million square meters, a year-on-year decrease of 2%. Previously, we emphasized the need to be cautious about the mutual squeeze between second-hand and new houses in 2024, and this is already being reflected to some extent.