CITIC Securities believes that in the field of housing development, first-tier cities, plus individual second-tier cities, have clear advantages. These cities have a larger population base, rent stabilized earlier, and core cities built fewer commercial houses in the past ten years. CITIC Securities believes that future development will focus more on core cities in the region.

CITIC Securities believes that in the field of housing development, first-tier cities, plus individual second-tier cities, have clear advantages. These cities have a larger population base, rent stabilized earlier, and core cities built fewer commercial houses in the past ten years. CITIC Securities believes that future development will focus more on core cities in the region.