Week 38 Wrap - sequentially stronger volume growth echoing seasonality, yet moderating leading indicators

Goldman Sachs China Property Weekly Wrap, Week 38. Primary-market new home sales volume rose sequentially while edging down slightly yoy; secondary-market transactions grew both wow and yoy, with the sequential rebound broadly in line with normal seasonality. However, new home search activity and secondary visitation moderated, and price-appreciation expectations softened for both agents and home sellers, pointing to continued cooling in leading indicators. Inventory edged up wow and inventory months remained elevated. On policy, MOHURD reaffirmed its commitment to the project-company, lead-bank and completed-home sales systems, emphasizing that new projects should prioritize completed-home sales and that presale fund supervision be strengthened;