Summary of Conference Call Notes on China Property Market Industry Overview - **Industry**: China Property - **Period**: National Day Holiday (1st - 7th October 2025) Key Points Secondary Property Sales - Real-time secondary property sales volume in major five cities (Beijing, Shenzhen, Guangzhou, Hangzhou, Chengdu) totaled **6,819 units**, a **61% decrease YoY** compared to 2024, but a **19% increase** compared to 2023 [2][4] - The decline in 2025 is attributed to a high base from policy stimulus in September 2024 [2] - Hangzhou and Chengdu showed stronger transaction support, indicating regional variations in demand [2] Primary Property Sales - New home sales during the same period recorded **413,000 sqm**, down **19% YoY** compared to 2024 and **38% YoY** compared to 2023 [3][9] - This trend confirms a subdued market for primary home sales during the National Day Holiday [3] Transaction Trends - Weekly secondary transactions for major six cities decreased **56% YoY** during the week of 29 September to 5 October 2025 [6][11] - The 40th week of 2025 saw lower real-time secondary home transactions compared to both 2023 and 2024 [7][12] Market Indicators - Secondary transactions are viewed as a better demand indicator than new home sales due to their independence from project launches [2] - The overall market sentiment remains cautious, with both primary and secondary sales reflecting a downward trend [3][9] Risks and Opportunities - **Downside Risks**: - Government policies restricting demand and mortgage lending - Tight financing conditions for developers - Lower-than-expected residential growth in the economy [14] - **Upside Risks**: - Potential policy loosening that could boost residential property sales and prices - Large-scale asset disposals by developers to ease liquidity pressures [14] Conclusion - The China property market is currently facing significant challenges, with both secondary and primary sales declining sharply during the National Day Holiday. The data suggests a cautious outlook, with potential risks outweighing opportunities in the near term.