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$Sunac China(01918.HK) $R&F PROPERTIES(02777.HK) $CHINA VANKE(02202.HK) The focus of this press conference is the statements from the newly added land department.

The first sentence at the beginning is strict control of new land supply.

This means that new land grants will be minimized.

The second sentence is optimizing existing land. Existing land can be reclaimed or transferred by the government, as long as there is land, the government will take it.

This means that it is a significant positive for the market. Among the Hong Kong-listed real estate stocks, Sunac ranks first in land reserves.

The mainland has 154 million square meters of land reserves, most of which are located in first and second-tier cities, which are very high quality.

This means that in the future, the amount of new land will be relatively small, and the focus will mainly be on existing land management, according to the land department's statements.