中国房地产行业第三十二周综述：一手房销售环比下降，二手房销售持稳

Investment Rating - The report provides a neutral investment rating for the covered companies, indicating a cautious outlook on the real estate sector in China [25]. Core Insights - The report highlights a significant decline in new housing sales, with first-hand housing sales down 23% year-on-year and second-hand housing sales showing a slight increase of 3% year-on-year [16][19]. - The report notes that the average sales area of first-hand housing has decreased by 33% year-to-date compared to the previous year, with a notable decline in sales across various city tiers [13][14]. - Inventory levels have slightly decreased by 0.1% compared to the previous month, with a total inventory month count of 26.7 months, indicating a tightening market [19][20]. Summary by Sections Sales Performance - First-hand housing sales area decreased by 23% month-on-month and year-on-year, with second-tier cities showing a 7% decline [8][10]. - Year-to-date, first-hand housing sales area has averaged a 33% decline compared to the previous year, while second-hand housing sales have decreased by 3% [13][16]. Market Trends - The report indicates that the sales volume of top 100 developers may decline by 8% year-on-year, a significant improvement from the previous month's 40% decline [16]. - The report also mentions that the expectation of price increases among sellers is weakening, despite a slight increase in second-hand housing sales [16][19]. Construction and Inventory - New construction area is expected to decline by 30% to 35% year-on-year for July and August, reflecting ongoing challenges in the market [3][22]. - The report tracks that the completion area is projected to decrease by nearly 20% year-on-year, with an overall expected increase of 3% for the year [22][23]. Valuation - The report notes that the current price-to-book ratios for both mainland and overseas listed developers are at historical lows, with discounts of 56% and 40% to expected net asset values, respectively [25][26].