In the first half of this year, the country's second-hand housing online registration area increased by 10.2% year-on-year. Second-hand housing accounted for 50.4% of the total number of new and second-hand housing transactions. The second-hand housing transaction area in 18 provinces, including Beijing, Shanghai, Jiangsu, and Guangdong, surpassed that of newly built commercial housing. The high level of activity in the second-hand housing market is a sign that China's real estate has entered an era of stock. In the era of inventory, real estate transactions will rapidly shift from incremental transactions, mainly sales of new homes, to a combination of new and second-hand housing. In the past, the contribution of real estate to economic growth was largely reflected in the rapid growth of investment in real estate development. In the era of stocks, we will no longer rely too much on real estate to drive economic growth. The decline in indicators such as development investment, new construction area, and new housing sales area should be viewed objectively. As various regions actively introduce policies and measures to “control growth, remove inventory, and improve supply,” the decline in real estate development and other indicators is a reflection of the central government's implementation of strict incremental control requirements. It is also a sign that the market is rapidly forming a balance between supply and demand. The real estate industry will move towards refined, high-quality, and sustainable healthy development to help achieve continuous improvement of the living environment and high-quality urban development.

In the first half of this year, the country's second-hand housing online registration area increased by 10.2% year-on-year. Second-hand housing accounted for 50.4% of the total number of new and second-hand housing transactions. The second-hand housing transaction area in 18 provinces, including Beijing, Shanghai, Jiangsu, and Guangdong, surpassed that of newly built commercial housing. The high level of activity in the second-hand housing market is a sign that China's real estate has entered an era of stock. In the era of inventory, real estate transactions will rapidly shift from incremental transactions, mainly sales of new homes, to a combination of new and second-hand housing. In the past, the contribution of real estate to economic growth was largely reflected in the rapid growth of investment in real estate development. In the era of stocks, we will no longer rely too much on real estate to drive economic growth. The decline in indicators such as development investment, new construction area, and new housing sales area should be viewed objectively. As various regions actively introduce policies and measures to “control growth, remove inventory, and improve supply,” the decline in real estate development and other indicators is a reflection of the central government's implementation of strict incremental control requirements. It is also a sign that the market is rapidly forming a balance between supply and demand. The real estate industry will move towards refined, high-quality, and sustainable healthy development to help achieve continuous improvement of the living environment and high-quality urban development.