Exhibit 1: 30-city daily property transaction volume in the primary market fell over the last two weeks and remained below last year's level Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530f604d12bcb9a82b5aa6b9f6 12 December 2025 | 8:55PM HKT Economics Research China Economic Activity and Policy Tracker: December 12 In thi ...