The industry data for June shows divergent trends. While home prices in tier-1 cities continued to see positive M/M growth (+0.1% in primary; +0.3% in secondary) for the fourth consecutive month (notably, not driven by nationwide easing), 70-city home prices showed divergent trends, with primary M/M decline narrowing but secondary M/M decline widening. Residential sales value dropped 14% Y/Y in June, softening from -8% Y/Y in May (below our forecast of <10% Y/Y decline), although the top 100 developers' sal ...