摩根士丹利：中国房地产-6 月销售额降幅扩大；疲软态势将持续7

Property sales recorded a deeper y-y decline in June as expected, despite improved constructions. We stay cautious on the physical market and expect the weak sales trend to continue in 3Q given worsened resident sentiment, more secondary inventory, and reactive policy. June property sales recorded a wider decline: Rebased national sales were -10.8% y-y in value and 5.5% y-y in volume, widening the 6M25 decline to -5.5% in value and -3.5% in volume y-y. NBS 70-city home prices continued to edge down, -0.3% a ...