External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

China Real estate / Thematic (Sector/Industry)

<ul><li>Both primary and secondary market reacted strongly to the new policy (认房不 认贷) during the weekend.</li><li>Project visitors and transactions for new home in BJ &amp; SH showed a rally, and 2 nd -hand house listing volume was boosted by cashout demand and sell-to-buy demand.</li><li>We think it is hard for newly-released demand to hold on and it might be able to support the new home recovery for 1-3 months in our view as part of the demand is relying on the transaction of existing market and is likely to be curbed by 2nd -hand housing price which will keep under pressure in our view due to the reason we illustrated below. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Both primary and secondary market reacted strongly to the new policy (认房不 认贷) during the weekend.Project visitors and transactions for new home in BJ &amp; SH showed a rally, and 2 nd -hand house listing volume was boosted by cashout demand and sell-to-buy demand.We think it is hard for newly-released demand to hold on and it might be able to support the new home recovery for 1-3 months in our view as part of the demand is relying on the transaction of existing market and is likely to be curbed by 2nd -hand housing price which will keep under pressure in our view due to the reason we illustrated below. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Sector – Will the newly-released demand hold on?