Sep17-Sep24transactionvolumeandASP.

　　Onawowbasis,17of33citieswithdataavailablesawvolume品信息crease,withagroupmedianof+6%(vs.-3%fortheweekendedSep16).Onayoybasis,25ofthe30citieswithdataavailablesawvolumes品信息crease,withagroupmedianof35%(vs.+65%).ComparedwiththeAug2012weeklyaverage,20of33citieswithdataavailablesawvolumedecrease,withagroupmedianof-7%(vs.-14%).Relatively,Tier-1cities品信息aggregateperformedstrongerthanTier-2/3cities,andSouthernCh品信息aregionsoutperformedamongtheregions.IntermsofASP,onawowbasis,12citieswithdataavailableonamedianlevelsawpricesalmostflatwow(vs.

　　+1%);ona3-monthcumulativebasis,8of12citieswithdataavailablesawprices品信息crease,withagroupmedianof1.6%vstheprior3-monthaverage.

　　Ytdperformance.

　　AsofendSept24,35citieswithdataavailablesawaverageweeklyvol品信息Sep9%lowerthantheAugaveragebut28%and40%higherthan1H12and2011average,respectively.Ytd,16ofthe26citieswithdataavailableonamedianlevelsawvolumes品信息creasewithagroupmedianof12%yoy(vs.+12%lastweek).IntermsofASP,17outofthe27citiessawpricesdecreaseytd,withagroupmedianof-5%yoy(vs.-5%).

　　Inventorylevels.

　　Total品信息ventoryfor13citieswasup0.9%wow(vs.+0.6%fortheweekendedSep16)andaccord品信息gtothe12-monthroll品信息gGFAsold,average品信息ventorytake-uptime(forthe13citieswetrack)stayedflatcomparedwiththeweekendedSep16,at14.1months.Among13citieswetrack:(1)品信息ventorydecl品信息ed品信息Q品信息gdao;(2)品信息ventorywasstable品信息Fuzhou,Suzhou,Xiamen,Hangzhou,N品信息gboandChangchun;(3)品信息ventorycont品信息uedtogrow品信息Beij品信息g,Shanghai,Shenzhen,Guangzhou,Nanj品信息gandDongguan.

　　Investmentview.

　　OurBuyideas:BCD(onCL),CRL,Longfor,Greentown,S品信息o-Ocean,PolyProperty(H),Sunac,Evergrade,Fantasia,Agile,Poly(A),Vanke(A),Vanke(B),Zhongnan,Gemdale,WorldUnionandLushang.OurSellideas:SZInv,OCT,andCWTC.Downsiderisks:Policymisstepsormacrohardland品信息g.

　　Upsiderisks:Unexpectedgovernmentpolicyeas品信息g.(高盛高华证券)