Week 41 Wrap - Transactions extended gains with improved leading indicators; 5 cities announced 828 implementation details so far

Goldman Sachs China Property Weekly Wrap (Week 41). Policy update: Tianjin announced implementing rules for the Aug 28 reform on Oct 10, largely in line with previous cities (Beijing, Shanghai, Guangzhou and Wuhan), covering similarities (land payment schedule same as SH/GZ; buyers' deposits cap same as GZ/WH/HZ; similar project classifications and transition arrangements) and differences (setting a "key escrow threshold" and allowing withdrawal of surplus amounts for direct payment projects; emphasis on development loan support for completed-home sale and "good housing" projects plus a housing quality evaluation framework). Market performance: primary transaction volumes edged up wow with a rise in new home search activity;