On September 23, Guosen International released a report stating that according to data from the National Bureau of Statistics, the Chinese real estate market showed marginal improvement in August this year, with the decline in real estate development investment narrowing from 10.1% in the first seven months of 2024 to 9.9% in the first eight months. Inventory decreased slightly by 0.19% to 7.378 million square meters. The report indicates that housing prices in 70 major Chinese cities continued to decline in August, showing a downward trend. Among them, second-hand housing prices in first-tier cities showed an accelerating downward trend in both month-on-month and year-on-year comparisons, further putting pressure on new housing prices. At the same time, sales were weak in the early stage of the traditionally busy season in September. In the first 12 days of September, the sales area in 30 major cities was 2.95 million square meters, a decrease of 18% year-on-year. Guosen International reiterated its long-term hold recommendation for China Overseas Development (0688.HK), Longfor Group (0960.HK), and Greentown China (3900.HK) because the bank believes that these companies have solid fundamentals and potential for re-rating in the long-term market recovery.