Securities Times: Policies gradually take effect, and the real estate enters a new stage of transformation and development.

The total volume of transactions in new and second-hand houses is increasing year-on-year. The sales area of commercial houses has been decreasing for four consecutive months. The land transfer fees in first and second-tier cities have increased by over 40% year-on-year. Premium land parcels in core cities are frequently being sold. The decline in funds brought by real estate companies has significantly narrowed year-on-year. Since the beginning of this year, various regions and departments have implemented relevant measures to promote the stabilization of the real estate market in accordance with the decisions and requirements of the Party Central Committee. The effects of these related policy measures are evident, although the real estate market has experienced some fluctuations in the first half of the year, overall it is moving towards stabilization. Recent meetings of the State Council and research groups from the Ministry of Housing and Urban-Rural Development have both sent strong signals of stabilizing the property market. Interviewed experts believe that in the second half of the year, with the full implementation and continued efforts of various policy measures, a new mode of real estate development in coordination with urban development will accelerate, and the stable trend of the real estate market will continue to consolidate.