Dim Sum Express

Property: Market cooling off further YoY despite WoW transaction rebound

    New home transaction volume in the 54 key cities we track came down in WoW terms during the first12 days of Jan, but rebounded slightly YoY on a low comparable base; meanwhile, existing hometransactions in these cities continued to decline in YoY terms, reflecting that the market is coolingdown further. We maintain our previous judgment that amid continued policy tightening in key cities,property transaction volume will continue to decrease with home prices to move onto a downwardtrajectory WoW on declining transactions and rising inventories.