Some mainland property developers rebounded in early trading. As of press time, China Jinmao Holdings Group Ltd. (00817) rose 4.60% to HK$1.25; C&D International Group (01908) gained 3.81% to HK$12.52; China Resources Land Ltd. (01109) climbed 2.23% to HK$29.28; and China Vanke Co., Ltd. (02202) advanced 1.02% to HK$2.47.

On the news front, according to monitoring data from the China Index Academy, as of September 24, more than 870 real estate-related policies had been introduced nationwide, including more than 280 in the third quarter, continuing the high-frequency policy rollout trend from the first half of the year. Local policies mainly focused on three directions: activating demand, optimizing supply, and urban renewal.

It is worth noting that on September 24, four Beijing government departments jointly issued implementation rules for the commercial housing sales system. SDIC Securities pointed out that Beijing is the first city to implement such detailed rules, giving it a strong demonstration effect. Higher pre-sale thresholds and closed-loop supervision of funds lengthen the payback cycle, benefiting developers with ample capital and strong delivery capabilities, while accelerating industry divergence; the decline in delivery risk for homebuyers is expected to help restore market confidence.