Data from the China Index Research Institute showed that the overall transaction area of the property markets in 25 major cities last week increased by 9.81% MoM and fell 21.04% YoY. All first-tier cities increased month-on-month, with the third- and fourth-tier cities seeing the largest month-on-month increase, among which Menshan’s growth is the top. Second-tier cities followed, led by Hangzhou, and the overall transaction area of first-tier cities increased by 8.88% MoM and fell 40.84% YoY. The transaction area of Beijing, Shenzhen, and Guangzhou all increased MoM, with Shenzhen having the largest month-on-month increase (32.49%), Guangzhou and Beijing followed, with month-on-month increases of 28.61% and 19.83% respectively, while Shanghai decreased by 15.08% MoM. The overall inventory of the seven representative cities monitored increased slightly by 0.2% MoM. Among the first-tier cities, Shanghai and Shenzhen increased month-on-month by roughly the same amount of 3.3% and 3.2% respectively, while Beijing and Guangzhou decreased slightly MoM. Among second-tier cities, Wenzhou and Suzhou see month-on-month increases of 0.91% and 0.72% respectively, and Nanjing decreased by 1.11% MoM.