Aug ASP trajectory unchanged with T1 resilience intact; construction activities undershot

Aug ASP decline pace resembled July and June trends in both primary and secondary markets at an average -0.2% and -0.3% mom; T1 cities continued to outperform with secondary ASP at +0.1% mom (the sixth consecutive month of positive mom) and primary ASP returning to +0.1% mom. 8 out of 70 cities recorded mom positive or flat secondary price changes in Aug (vs. 8 in July) and among them, 5 cities had achieved 5 consecutive months of positive/flat mom since Mar. Aug nationwide property sales were largely in line with GSe at -15%/-12% yoy in volume/value; construction activities were weaker than expected with new starts/completions at -31%/-28% yoy, mirroring continued sluggish performance in FAI/land markets. Aug secondary sales volume in 15 cities was in-line with GSe at +2% yoy, with secondary listing volume in 100 cities declining mom and yoy for three consecutive months. 50 cities' average rent levels trended higher for a third consecutive month;