China: Real Estate Developers:Volume down wow; ASP, inventory stayed flat in first week of Aug

On a wow basis, 20 of 32 cities with data available saw volume decrease,with a group median of -5% (vs. -6% for the week ended July 29). On a yoybasis, 27 of the 31 cities with data available saw volumes increase, with agroup median of 62% (vs. +50%). Compared with the July 2012 weeklyaverage, 19 of 33 cities with data available saw volume decrease, with agroup median of -5% (vs. +3%). Relatively, Tier-1cities in aggregateperformed stronger than Tier-2/3 cities and Southern China dropped lessthan other regions. In terms of ASP, on a wow basis, 12 cities with dataavailable on median level saw prices staying flat (vs. +2%); on a 3-monthcumulative basis, 9 of 12 cities with data available saw prices increase,with a group median of 6.6% from the prior 3-month average.