CHINA PROPERTY WEEKLY WRAP Week 43 Wrap - Market activities softened slightly; new urban renewal policies launched

Week 43 China property market activities softened slightly. Primary transaction volumes declined 4% wow (-12% yoy), with new home search activity down 3.3% wow; secondary transaction volume softened 5% wow (+9% yoy), and price appreciation expectations edged lower for both agents and sellers. New listing supply in monitored cities shrank 8% wow, inventory balance fell 0.3% wow with inventory months at 26.5. On policy, MOHURD and five other departments issued documents on renovating old neighborhoods and industrial areas, clarifying 1.5k major renovation projects, a 5-year land use transition period and infrastructure REITs channels; MOF allocated Rmb550bn of remaining local government debt quota (including Rmb250bn special debt);