Understanding the Market | BEKE-W Soars Nearly 15% in Early Trading as PBOC Releases Major Real Estate Policies, Second-hand Intermediary Companies Show Strong Performance Elasticity

BEKE-W rose nearly 15% in early trading. As of the time of publication, it has risen by 12.26% to HKD 43.05, with a turnover of HKD 69.0895 million. On the news front, the main person in charge of the People's Bank of China introduced that in terms of housing loans, the interest rates on existing housing loans will be reduced and the minimum down payment ratio for housing loans will be unified. Specifically, it will guide commercial banks to lower the interest rates on existing housing loans to levels close to those of new housing loans, with an average expected reduction of about 0.5 percentage points. The minimum down payment ratio for second home loans at the national level will be reduced from 25% to 15%, unifying the minimum down payment ratios for first and second home loans. In addition, Beijing is optimizing its real estate policies by timely canceling the standards for ordinary residential and non-ordinary residential properties. Previously, Zheshang Securities stated that the optimization of real estate policies in Beijing is significant, there is still room for policy adjustments, the combined effect of the 517 policy measures is fading, the market is not as strong during the peak season, housing prices have not yet stabilized, and factors such as the Fed's unexpected interest rate cut are jointly driving the continuous strengthening of market expectations for Q4 policy adjustments to stabilize the market. The bank pointed out that second-hand intermediary companies benefit from "trade-in" programs and strong performance elasticity in fundamental repairs, with a focus on BEKE and others