Disclosures & Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. China Real Estate Equities From 'exit' to 'upgrade': why resale liquidity matters China The surge in secondary sales volume in key cities has continued to make headline news. In this note, we elaborate on why a liquid secondary market matters, restarting the transaction chain that ultimately supports primary sell-through, and devel ...