Mainland property stocks continued their downward trend. At the time of writing, RonshineChina (03301) fell 6.21% to HK$0.136; SEAZEN (01030) dropped 6.13% to HK$2.45; and SUNAC (01918) declined 4.13% to HK$1.16. Nomura released a research report stating that, according to reports, several developers have been exempted from the "three red lines" disclosure requirements. If this exemption is confirmed, it would signify Beijing's increasing concern for the continuously declining real estate sector, while worries about the risks of developers' debt accumulation have somewhat eased. However, the firm believes this exemption is largely symbolic, as the relevant restrictions have been significantly relaxed since the end of 2022, have not been strictly enforced since mid-2023, and no longer constrain most developers; therefore, this easing does not represent any substantive policy relaxation. Bank of China International, meanwhile, argues that the "three red lines" policy itself was not the trigger for this round of market adjustment and currently does not pose a major constraint on the development and finances of property enterprises. Consequently, the bank believes that relaxing the "three red lines" will not yield significant effects, and the sell-off in mainland property stocks is an overreaction. Furthermore, the current share prices of higher-risk enterprises that had previously seen larger gains carry substantial risk.