Core Viewpoint - The current real estate market continues to show signs of weak recovery, with July witnessing a seasonal decline in market activity, although still outperforming the same period last year [1][19]. Market Performance - In July, the average opening sales rate across 30 key cities dropped to 30%, marking a year-to-date low, with a month-on-month decrease of 11 percentage points but a year-on-year increase of 3 percentage points [4][19]. - Major cities like Beijing, Shanghai, and Shenzhen experienced significant declines in sales rates, with Shenzhen hitting a record low of 4% [7][19]. - Cities such as Tianjin and Suzhou saw increases in sales rates, indicating a continuation of weak recovery trends [7]. Hot Selling Projects - Core area high-end projects in cities like Shanghai, Chengdu, and Hangzhou remain the main drivers of sales, with notable examples achieving high sales rates [9][10]. - In Chengdu, top-selling projects were all located in core areas, benefiting from strong product appeal and increased sales efforts from developers [9]. - Educational resources continue to drive demand in cities like Changsha and Xi'an, where school district properties are among the top sellers [11][12]. Product Trends - The introduction of high-efficiency "fourth-generation" residential projects and new regulations has positively impacted short-term market activity, with these projects often outperforming traditional offerings [13][19]. - However, there is a noticeable divergence in sales performance among new projects, with some failing to attract buyers despite product advantages due to inadequate supporting infrastructure [14][19]. Pricing Strategies - In weaker second-tier cities, developers are increasingly resorting to discounting and enhanced commission structures to boost sales, with notable success in cities like Xi'an and Suzhou [16][19]. - Projects in these cities have seen significant sales through aggressive pricing strategies, with many offering discounts of up to 20% [17][19]. Future Outlook - The market is expected to remain in a low transaction volume phase in August, with developers' enthusiasm for launching new projects likely to remain subdued [19]. - However, due to last year's low base, the year-on-year decline in sales may narrow to within 5%, continuing the weak recovery trend [19].