We expect primary housing market construction activity to remain weak in 2026E-2027E, given persistent liquidity stress and high inventory levels in the industry. That said, we may start to see a deceleration in the current double digit yoy decline in property FAI if its absolute level hits 85% of property sales in 2027E, given property FAI mostly reflects the cost of property sales, which should be about 80% of sales at the mid-cycle. For the secondary housing market, we now expect the supply/demand imbalance to take longer to adjust, delaying price stabilization to latter years and defining a broader market ASP trend. With continued housing market weakness, we see two new uncertainties arising: 1) Is there scope for further loan maturity extension for developers?