• Average weekly GFA sold in 25 cities we track fell 12% w-o-w, concluding Dec with a 23% y-o-y decline. 
  • Recent statement from the PBoC governors has emphasized that M&As will play a key role to resolve the risks of tight liquidity among certain developers
  • Average sell-through rate for new project launches in 11 key cities came in at 54% in Dec, down 3ppts m-o-m vs Nov-21
  • Sector top picks: COLI (688 HK), and Country Garden (2007 HK)