[today's property market] the first batch of public offering REITs to list trillion-class market has made a steady start * LPR has been flat for 14 months.

[CICC: the fundamentals of the real estate industry remain trading opportunities despite a steady decline in stock undervaluations in the second half of the year] CICC reported that judging that the fundamentals of the real estate industry are slowing down without losing speed in the second half of this year, if the trend of the real market cools down, the boots of policy regulation will fall to the ground, driving the repair of sentiment in the real estate sector, and there are still trading opportunities for real estate stocks under the current extremely low valuations and low positions. It is suggested that we should pay attention to the winners in the reshaping of the competitive pattern, such as Vanke and Poly Real Estate in A shares, Longhu Group in H shares, China Resources Land and so on.

[the first batch of public offering REITs listed trillion-class market started steadily] another achievement of reform and innovation in the capital market has landed, and the trillion-level infrastructure public offering REITs market has started steadily. On June 21, the first batch of infrastructure public offering REITs on the Shanghai and Shenzhen stock exchanges was officially listed, and all nine products were rewarded on the same day. Shekou production Park and Shougang Green Energy led the growth, with 14.72% and 9.95% respectively.

[real estate financial regulation promotes the rational return of the market] the real estate industry is a capital-intensive industry. The setting of the "five red lines" on the capital side of real estate enterprises and banks has effectively suppressed the rising trend of real estate financial leverage from both ends of supply and demand, and promoted the rational return of the market. Capital is a key variable in the development and change of the real estate market. Whether from the supply side of land development, housing construction, or from the demand side of the purchase of new houses, second-hand housing transactions, are inseparable from the strong support of the capital side. For a long time in the past, the integrated development of real estate and finance has greatly improved the living environment of cities and towns in China, and to some extent, it has also become a catalyst for the rapid rise of house prices in hot cities.

[Poly 1.794 billion yuan won the premium rate of 4.06% for a commercial and residential land in Shangyu District of Shaoxing] on June 22nd, Shangyu District of Shaoxing sold a case of double-restricted land. Plot No. 69-3, Chengbei, Shangyu District, starts at 1.724 billion yuan and starts at 11500 yuan per square meter. After 15 rounds of bidding, Shaoxing Poly Real Estate Development Co., Ltd. (Poly) won with a total price of 1.794 billion yuan, with a floor price of 11967 yuan per square meter and a premium rate of 4.06%. The land area is 78901.1 square meters, the volume ratio is 1.7-1.9, and the construction area is 149912.09 square meters, of which 2000-3000 square meters are compatible with commercial buildings; the upper land price is 2.204 billion yuan, and the upper floor price is 14702 yuan per square meter; the maximum filing price for residential sales is 22700 yuan per square meter (excluding decoration price).

[the downward space of LPR's 14-month flat real interest rate is expected to open] for 14 consecutive months, LPR remains unchanged. On June 21, the people's Bank of China authorized the National Interbank lending Center to announce the quoted interest rate of the loan market (LPR): 3.85% for 1-year LPR and 4.65% for more than 5-year LPR. Under the background that LPR has not been adjusted for more than a year, lending rates have rebounded since the beginning of this year. Liao Zhiming, a banking analyst at China Merchants Securities, believes that taking into account volume, price and structural factors, it is expected that the new changes in deposit pricing will bring about a decline in the debt cost rate within 10BP.