Goldman with the note.

We invited Mr. Xin Zeng Meng (Senior Researcher at China Index Holdings Limited) to discuss recent observations on the China property market and his views on the policy outlook.

YTD market performance and N-T outlook: Mr. Meng remains broadly constructive on a stable market outlook in 1Q25, given YTD market still recording yoy recovery against FY24’s low-base, and with Tier-1/2 cities outperforming, though sequentially he notes weakening trend across markets.