Weekly transaction data tracking:Housing policy tightens in nine cities

CN: Weekly sales up 7.7% w-w, four-week sales drop 25% y-y。

    For the week of 18-24September 2017, the 25cities tracked by Soufun reporteda total sales volume of 3.29m sqm, up 7.7% w-w. The year-on-year decline was33.5%. Over the past four weeks, sales volume was up 11% 4w-4w / down 25%y-y to 12.8m sqm. YTD, total sales volume is down 22% y-y. (Soufun, DeutscheBank)。

    CN: Housing policy tightens in nine cities。

    Since last Friday, nine cities (Chongqing, Nanchang, Nanning, Changsha,Guiyang, Shijiazhuang, Xi’an, Wuhan and Wuxi) have announced newregulations in the property market, including sales restrictions and regulation ofdevelopers’ sales procedures. The restrictions related mostly to the resale ofproperties within the first 2-5years after purchase (please refer to p.2for details).We believe the impact on the physical market will be immaterial amid the lowinventory level, and may even drive buyers from the secondary to the primarymarket in the medium term. However, the announcements of the policytightening in all these cities together convey a negative signal of the future policytrend and could dampen overall investor sentiment. (HKET, CFI)。